宏观审慎政策要素的国际经验

Elements of Effective Macropnidential Policiesand Lessons from International Experience

近期,IMF、FSB与BIS联合发布了题为《宏观审慎政策要素的国际经验》的工作论文,从宏观审慎政策的定义、目标、范围、制度安排、实践操作及国际合作等方面阐述宏观审慎政策的国际经验。文章认为,在制度设计与执行方面,构建宏观审慎政策框架需授权、治理、问责等方面的制度基础;为处置时间与结构维度上的潜在脆弱性,需广泛的政策工具,并在事前权衡政策成本与收益,事后评估政策有效性。在政策工具有效性方面,资本类工具可在衰退周期提高信贷增速,增强机构适应力,但在繁荣周期作用有限;部门类工具通过对特定部门设置额外缓冲要求提高其适应力,但对信贷增长的效果各异。在国际监管协调方面,跨境渗出效应的存在要求加强国际监管合作。

Accumulated experience highlights a number of elements that have been found useful for macroprudential policy making.Adequate institutional foundations for macroprudential policy frameworks are essential,especially mandate,governance and accountability.A broad range of tools may be needed to deal with potential vulnerability in time and structural dimension.It is necessary to do ex ante measurement of benefits and costs as well as evaluate the ex post effectiveness.Capital-based tools can support resilience and credit growth during cyclical downturns,but appear to have limited effects in the upswing.Sectoral capital requirements increase resilience via additional buffers,but evidence of the effects on credit growth varies.Various studies show evidence of leakage.The leakage highlights the potential usefulness of cross-border coordination of macroprudential policies.