荒野求生:货币政策和审慎监管

Walking on the Wild Side–Monetary Policy and Prudential Regulation

全球金融危机后,有关如何建立完善的货币政策和审慎监管体系的问题引起广泛争议;而新兴市场国家由于自身更倾向于加剧经济繁荣和衰退程度,更易受负面金融市场冲击影响,故尤其需要关注这一问题。本文以巴西和韩国为例,深入探讨了物价稳定、金融稳定双重目标下,究竟应如何以互补方式实行货币政策和审慎监管。

After the global financial crisis, there was much discussion of how to improve monetary policy and establish a truly effective prudential regulatory system. This issue is particularly relevant in the case of emerging markets. Due to their greater tendencies to show wide swings in a cycle of boom and bust, emerging markets are more likely to be impacted by negative financial events. This paper reviews the experiences of Brazil and Korea, and discusses how to implement monetary policy and prudential regulation in a complementary way when jointly pursuing anti-inflation and financial stability objectives.