金融开放视角下跨周期与逆周期有机结合“双支柱”调控框架研究

A Study on the“Dual Pillar”Regulatory Framework of the Organic Combination of Cross cycle and Counter cycle under the Perspective of Financial Openness

金融开放带来经济发展的同时,也伴随着风险的增加,如何在开放中保持金融稳定,成为当前需要面对的重要问题。为此,本研究提出一种金融开放视角下跨周期与逆周期有机结合“双支柱”调控框架。该框架将货币政策和宏观审慎政策作为两大支柱,综合运用逆周期调节和跨周期调节手段,在逆周期调节方面,该框架通过货币政策等手段,对经济进行短期调控,以平抑经济周期波动;跨周期调节方面,通过宏观审慎政策等手段,引导金融机构和市场形成合理的运行机制,防范化解长期性、系统性风险。

While financial openness brings about economic development,it also increases risks.How to maintain financial stability through openness has become an important issue that needs to be faced at present.To this end,research a dual pillar regulatory framework that combines cross cycle and countercyclical approaches from the perspective of financial openness.This study analyzed the necessity of"dual pillar"regulation,taking the Chengdu Chongqing region as the background,and designed a framework structure under the guidance of design theory.This framework takes monetary policy and macroprudential policy as two pillars,and comprehensively utilizes countercyclical and cross cyclical adjustment methods.In terms of countercyclical adjustment,this framework uses monetary policy and other means to regulate the economy in the short term,in order to stabilize economic cycle fluctuations;In terms of cross cycle regulation,macroeconomic prudential policies and other means are used to guide financial institutions and markets to form a reasonable operating mechanism,prevent and resolve long-term and systemic risks.This study aims to provide strong support for the healthy development of the financial market and promote economic development.