加强宏观审慎管理以应对系统性风险

Strengthening Macro-prudential Management to Cope with Systemic Financial Risks

在金融监管方面,应吸取美国金融危机的教训,补充协调内容,即宏观审慎管理问题。目前'三会'的监管主要是以微观金融机构风险为重点,对系统性风险考虑得很少。我认为当前协调要包括四方面内容:第一是市场退出机制;第二是金控公司管理;第三是混业经营后的新产品监管;第四是宏观审慎管理。

In the area of financial regulation,we should draw upon the lessons of US financial crisis and pay more attention to regulatory coordination,i.e.macro-prudential management.Currently the three regulatory authorities primarily focus on risks posed by individual financial institutions and do not give enough consideration to systemic risks.Coordination among regulatory authorities should include four main dimensions:First,a market exit mechanism;second,regulation of FHCs;third,regulation of new products;and fourth,macro-prudential management.