应审慎看待宏观审慎政策

Macroprudential Frameworks:(too) Great Expectations?

利用宏观审慎政策框架应对金融危机,是一种颇受欢迎的做法。正如国际清算银行所倡导的,确保金融稳定需要一个更为系统性的框架。然而,宏观审慎措施还需在增加可用政策工具、监管规则和自主裁量之间更趋平衡,并在加强国际合作协调等方面取得更多进展。但仅依靠宏观审慎政策解决金融长期稳定问题并不现实,它只是解决方案的一部分,其他政策如货币政策和财政政策仍需发挥应有的作用。

Macro-prudential policies have become the preferred tool in dealing with the effects of the financial crisis. But ensuring financial stability requires a comprehensive framework for the financial system. Macro-prudential measures need a more balanced approach with effective policy instruments, appropriate regulatory rules and regulatory discretion. Simply relying on the use of macro-prudential policies to solve long-term financial stability problems is fruitless. Macro-prudential policies are just one part of the solution and they need coordination with monetary, fiscal and other policies.