后危机时代构建宏观审慎监管的思考

金融监管不足是本次国际金融危机的重要推手,而产品创新过度源于微观审慎监管带来的监管套利,微观审慎监管的顺周期效应、影子银行体系及系统性重要银行监管的缺失则加剧了危机的深度。因此,宏观审慎监管的未来任务需要扩大监管范围,从总体上把握系统性风险,需要央行、金融机构、监管部门的整体配合,需要央行从源头控制流动性这一公共品,需要央行职能的重塑;然而宏观审慎监管的执行也面临一些不确定因素。

The Thinking of Construction of Macro-Prudential Regulation in Post-Crisis Era

Inadequate financial supervision gave great impetus to this international financial crisis.Over-innovation of financial product originated from regulation arbitrage,pro-cyclicality effect under micro-prudential regulation,inadequate supervision of Shadow bank system and systematically important bank increased the depth of the crisis.Hence,future tasks of macro-prudential supervision should aim to enlarge regulation scope,control systemic risk,cooperate integrally among central bank,financial institutions an...