宏观审慎管理框架研究

Research on the Macro-prudential Regulatory Framework

构建宏观审慎金融监管制度框架,是自2008年金融危机以来全球防范和应对系统性金融风险、维护金融体系安全稳健的重要举措。本文从一个核心目标、时空两个维度、三个改革经验、四大制度错配、五大基础性工作等方面展开研究,并提出宏观审慎监管框架重在明晰宏观审慎的主要监管主体、完善宏观审慎监管体系的框架、制定宏观和微观审慎监管指标体系的相关法律、制度和规范,特别是要注重处理好互为表里、相辅相成的微观审慎监管与宏观审慎监管之间的关系,充分发挥两者的合力效应。

Since the 2008 financial crisis,developing a macro-prudential framework for financial regulation has been an important measure to prevent and cope with systemic financial risks so as to maintain a safe and sound financial system.Based on the research on one core goal,two dimensions—time and space,three pieces of experience in reform and four system mismatches,this paper suggests that the macro-prudential regulatory framework focus on defining the main macro-prudential supervising subjects,improving the framework of the macro-prudential regulatory system,and formulating laws,institutions and norms related to the macro and micro prudential regulation indicator system.The macro-prudential regulatory framework should pay particular attention to handling the relationship between micro-prudential regulation and macro-prudential regulation,to make them supplement each other.