CAJ | 학술논문

发表在国际清算银行(BIS）2013年一季度《中央银行国际期刊》上的“资本流动与金融稳定院货币政策和宏观审慎对策”一文，通过分析在开放经济DSGE模型下货币政策和宏观审慎政策之间的相互影响，指出在发生引起资本流入的金融冲击时，宏观审慎措施作为货币政策有效补充的作用能够得以充分彰显，同时，在“最优简单规则”下，宏观审慎措施可以改善社会福利。此外，本文还认为若要将宏观审慎工具作为单独政策工具，汇率机制的作用至关重要。
발표재국제청산은행(BIS）2013년일계도《중앙은행국제기간》상적“자본류동여금융은정원화폐정책화굉관심신대책”일문，통과분석재개방경제DSGE모형하화폐정책화굉관심신정책지간적상호영향，지출재발생인기자본류입적금융충격시，굉관심신조시작위화폐정책유효보충적작용능구득이충분창현，동시，재“최우간단규칙”하，굉관심신조시가이개선사회복리。차외，본문환인위약요장굉관심신공구작위단독정책공구，회솔궤제적작용지관중요。
Capital Flows and Financial Stability:Monetary Policies and Macro-prudential Countermeasures published on the Issue of Quarter 1 of 2013 of International Journal of Central Bank by Bank for International Settlements (BIS) analyzes the mutual influ-ence between monetary policies and macro-prudential policies under the open economic DSGE model, and points out that in the event of financial shocks caused by capital inflows, the role of macro-prudential measures as the effective supplementary for monetary poli-cies can be fully displayed, and at the same time, macro-prudential measures may improve the social welfare under“optimal simple rule”. In addition, the paper also thinks that if macro-prudential tools are to be used as the separate policy tools, the role of the foreign exchange rate mechanism is very important.