宏观审慎监管框架下的央行职能研究

本次金融危机凸显了加强宏观审慎监管的必要性.目前,国际社会对宏观审慎监管的重要性展开了广泛探讨,各国监管当局也在实践中逐步推进宏观审慎监管.本文剖析了宏观审慎监管框架的三个重要核心部分,即宏观审慎政策目标、政策治理范围和操作工具,进而探讨宏观审慎政策与货币政策的关系及其对中央银行履职带来的挑战.研究发现,宏观审慎政策与货币政策之间的相互作用,决定了两者必须协调使用,因此中央银行应该在宏观审慎监管中发挥主要作用,确保货币政策和宏观审慎政策的一致性,避免监管摩擦和监管真空.在我国加强宏观审慎监管的实践中,由于人民银行承担着防范和化解系统性金融风险,维护金融稳定的职责,同时具备牵头建立金融监管协调机制的法定职能和监管银行间市场、外汇市场和支付体系的法定职权,从而决定了人民银行在宏观审慎监管中必然发挥主要作用.

Central Banks Responsibility under Macroprudential Regulation Framework

The financial crisis exposed the importance of macroprudential regulation. Macroprudential now has been widely discussed in the international community and many countries have gradually strengthened macropruden- tial regulation. This paper aims to analyze the three key parts of macroprndential framework, i.e. policy objective, poli- cy governance and operation instruments, thus to explore the relationship between macroprudential and monetary poli- cies and its challenges to central banks. The analysis finds that the interaction between macroprudential and monetary policies determines these two policies must operate coordinatively and central banks take the main role in macropru- dential to make a coherent policy and to avoid regulation friction and arbitrage. In China＇ s practice to strengthen mac- roprudential regulation, People＇ s Bank of China consequently should play the main role, as it takes the responsibility of resolving systematic financial risks and safeguarding financial stability, leading the vision coordination mechanism, and regulating the interbank market, foreign exchange establishment of financial super- market and payment systems.