银行信贷、资本监管双重顺周期性与逆周期金融监管

商业银行信贷和资本监管具有顺周期性.银行信贷顺周期性导致经济繁荣时期的贷款扩张和经济衰退时的贷款紧缩.<巴塞尔资本协议Ⅱ>下的资本监管约束,在经济衰退时会促使银行形成信贷萎缩效应,影响和制约货币政策有效性的发挥,次贷危机为<巴塞尔资本协议Ⅱ>下的银行风险管理和监管的创新带来了新的要求和挑战.要减轻顺周期的影响,增强金融...

The Dual Pro-Cyclicality of Bank’s Credit and Capital Regulation and the Counter-Cyclical Financial Regulation

Commercial bank’s credit and capital regulation have pro-cyclical characteristics.The pro-cyclicality of the bank’s credit leads to the loan expansion in economic boom and the credit squeeze in economic recession.The discipline of capital regulation in"Basel Ⅱ" causes effects of credit squeeze,which will reduce the effectiveness of monetary policy.The subprime crisis brings new requirements and challenges to the innovations of bank’s risk management and regulation based on"Basel Ⅱ".To reduce the impact of pro-cyclicality and enhance the stability of financial system,it is necessary for relevant authorities to build a counter-cyclically and dynamically adjusted regulatory system of capital,build a counter-cyclical and macro-prudential regulatory framework and meanwhile,use monetary policy opposite to the trend of macro-economy,coordinate all macro-and micro-regulatory institutions and improve bank’s early risk warning system and incentive and discipline mechanisms.