以完善宏观审慎政策框架为核心 推进新一轮金融监管体制改革

Using Macro-prudential Policy Framework to Promote a New Round of Financial Regulatory Reform

是否有利于健全宏观审慎政策框架,是当前研究推进金融监管体制改革十分重要的出发点和视角。当前我国的分业监管体制存在着明显的问题,但简单实行混业监管并不能有效防范系统性风险,关键还是要强化宏观审慎政策框架。宏观审慎政策基于宏观的、逆周期和跨市场的视角,本质上属于宏观经济管理和维护金融稳定的范畴,因此其制定和执行应集中在宏观部门(中央银行),并在此基础上重构金融监管体制。此轮金融危机后,各国宏观审慎和金融监管改革建立的新体制虽然有所不同,但都强化了中央银行在宏观审慎政策框架中的核心地位。

Macro-prudential policy frameworks offer an important starting point and perspective for advancing contemporary research on financial regulation reform.There are obvious problems with China’s current“separate-business regulation system”,but simply adopting an integrated regulation system won’t prevent against systemic risk.The key is still to strengthen the macroprudential policy framework.Macro-prudential policy adopts macroeconomic,counter-cyclical and cross-sectoral perspectives,and falls within the scope of macroeconomic management and financial stability maintenance.Therefore its formulation and implementation should be the responsibility of macroeconomic authorities(the central banks),and reconstruction of the financial regulatory system should also be based on this.After the financial crisis,even though new structures for macro-prudential and financial regulatory management were different for many countries,however they have all strengthened the role of central banks in the macro-prudential policy framework.