跨市场风险传染的宏观审慎监管实践

Macro-prudential Supervision of Cross-market Risk Contagion

宏观审慎监管侧重考量金融体系整体运行情况并讨论全局稳定性对宏观经济表现的影响,旨在构建金融系统全景监测体系,与财政政策、货币政策和微观调控政策相结合,增加整个金融体系的逆周期性及自调节特性,以强化金融体系和宏观经济应对风险冲击的能力。相较国际上对于"宏观审慎"理论最新发展要求,我国宏观审慎监管的实践仍有需要完善的部分。本文试图完善宏观审慎预警体系,运用机器学习模型,对金融市场资金流动全过程实施穿透式监管。

Macro-prudential supervision focuses on the operation of the financial system and addresses the impact on the overall stability of the macroeconomy.It aims to build a comprehensive monitoring mechanism for the financial system,combined with fiscal,monetary and micro-control policies to enhance the finance sector’s counter-cyclical and self-regulating abilities.Compared with the international application of the'macro-prudential'regulatory concept,China still needs to refine its macro-prudential supervision.This paper attempts to improve the macro-prudential early warning system and use the machine learning model to implement supervision over the entire process of financial market capital flows.