CAJ | 학술논문

宏观审慎政策与货币政策之间的关系是当前研究的热点，国际金融危机的教训表明货币政策无法保证宏观经济稳定，需要引入宏观审慎政策加强金融稳定管理。宏观审慎管理侧重防范化解系统性风险并维护金融稳定，货币政策侧重维护价格稳定并促进经济增长，二者并非完全独立而且相互影响。为了更好地提高宏观政策配合有效性和实施好经济管理，要把握宏观审慎政策和货币政策目标定位、执行和测度的兼容性，加强宏观审慎工具和货币政策工具在种类设置、使用规则、使用时机上的配合，统筹实施主体的权责设置、激励机制、约束机制、政策边界及国际合作，在政策目标、操作工具、组织安排、微观机制等方面促进宏观审慎管理与货币政策的协调配合，实现促进经济增长和维持金融稳定。
굉관심신정책여화폐정책지간적관계시당전연구적열점，국제금융위궤적교훈표명화폐정책무법보증굉관경제은정，수요인입굉관심신정책가강금융은정관리。굉관심신관리측중방범화해계통성풍험병유호금융은정，화폐정책측중유호개격은정병촉진경제증장，이자병비완전독립이차상호영향。위료경호지제고굉관정책배합유효성화실시호경제관리，요파악굉관심신정책화화폐정책목표정위、집행화측도적겸용성，가강굉관심신공구화화폐정책공구재충류설치、사용규칙、사용시궤상적배합，통주실시주체적권책설치、격려궤제、약속궤제、정책변계급국제합작，재정책목표、조작공구、조직안배、미관궤제등방면촉진굉관심신관리여화폐정책적협조배합，실현촉진경제증장화유지금융은정。
The relation between monetary policy and macro-prudential management policy is current focus of research. The lesson of the international financial crisis had shown that the monetary policy can not guarantee macroeconomic stability, so the financial system needs macro-prudential management policy to maintain stability. Macro-prudential management policy emphasizes guarding against general financial risks and maintaining financial stability and security, monetary policy aims at price stability and economic growth. They are not entirely independent and affect each other. To improve the effectiveness of policy coordination and carry out economic management, it is necessary to achieve targeting compatibility of location, implementation and measurement, strengthen tools of the type setting, the using rule and the opportunity and co-ordinate the implementation of the main responsibilities, incentive and restraint mechanisms, policy boundaries, and international cooperation. In short, in order to achieve economic growth and maintain financial stability, it is necessary to strengthen coordination and cooperation macro-prudential management and monetary policy, which including policy objectives, operation tools, organization and micro-mechanism.