Against the prevailing background of an unusual capital flow reversal which is posing immense challenges to the integration of the region＇s banking sector, this study measures macro-prudential instruments affecting t...Against the prevailing background of an unusual capital flow reversal which is posing immense challenges to the integration of the region＇s banking sector, this study measures macro-prudential instruments affecting the implementation of an integrated financial service industry. This study is important at times when domestic and country-based financial policies are directed at competing goals. The interaction of macro-prudential policies with other policies, in particular monetary policies and micro-prudential policies is crucial to address systemic risk involved. There is growing recognition that prudential policies tools interact and coordinate with one another. To utilize multiple instruments seems to provide a greater assurance of effectiveness by tackling risk from various angles. As such, this study also assesses the interactions of the policies. The study also proposes a baseline model to capture systemic risk due to liquidity risk and risk because of currency devaluation.展开更多
Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterog...Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterogeneity of corporate and bank credit,the authors divide the policies of the People’s Bank of China into seven categories,and explores the policy effectiveness of structural monetary policy,macro-prudential policy and traditional aggregate monetary policy.Through simulation of the model,it is found that whether facing technical shocks,interest rate shocks or credit shocks,the structural two-pillar policy tool that uses the deposit reserve interest rate as the target of operation is most conducive to economic stability.Technological progress has the most positive and lasting impact on output.Interest rates and credit policies will leave follow-up problems in the adjustment of the economy,and structural two-pillar policies can alleviate the impact of these problems.展开更多
文摘Against the prevailing background of an unusual capital flow reversal which is posing immense challenges to the integration of the region＇s banking sector, this study measures macro-prudential instruments affecting the implementation of an integrated financial service industry. This study is important at times when domestic and country-based financial policies are directed at competing goals. The interaction of macro-prudential policies with other policies, in particular monetary policies and micro-prudential policies is crucial to address systemic risk involved. There is growing recognition that prudential policies tools interact and coordinate with one another. To utilize multiple instruments seems to provide a greater assurance of effectiveness by tackling risk from various angles. As such, this study also assesses the interactions of the policies. The study also proposes a baseline model to capture systemic risk due to liquidity risk and risk because of currency devaluation.
基金supported by High-level Talent Project of Basic and Applied Basic Research Program(Natural Science Field)of Hainan Province under Grant No.2019RC065the National Natural Science Foundation of China under Grant No.71963011Philosophy and Social Science Planning Project of Hainan Province under Grant Nos.HNSK(ZD)19-108 and HNSK(QN)18-10。
文摘Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterogeneity of corporate and bank credit,the authors divide the policies of the People’s Bank of China into seven categories,and explores the policy effectiveness of structural monetary policy,macro-prudential policy and traditional aggregate monetary policy.Through simulation of the model,it is found that whether facing technical shocks,interest rate shocks or credit shocks,the structural two-pillar policy tool that uses the deposit reserve interest rate as the target of operation is most conducive to economic stability.Technological progress has the most positive and lasting impact on output.Interest rates and credit policies will leave follow-up problems in the adjustment of the economy,and structural two-pillar policies can alleviate the impact of these problems.
