金融周期与货币政策

Financial Cycles and Monetary Policy

本文从金融周期出发,认为健全的金融规则和宏观审慎政策工具是防范金融风险的第一道防线,确保金融稳定需要市场监管者、政策制定者等政策主体各司其职,并且指出未来面临的挑战是改良货币政策与监管框架,需坚定地予以执行而非在金融稳定与物价稳定之间权衡。

This article maintains that sound financial rules and macro-prudential policy tools are the front-line of defense against financial risk. Maintaining financial stability throughout the different phases of the financial cycle depends on market regulators, policy makers and other government bodies. The article asserts that China's regulators and policy makers will need to address the challenges of improving monetary policy and the nation's regulatory framework in the future. Their objective should be to firmly enforce regulations rather than tacking back and forth between financial stability and price stability.