上海金融
上海金融
상해금융
Shanghai Finance
2011年
5期
53~59
,共null页
资产价格泡沫 货币政策 宏观审慎监管
資產價格泡沫 貨幣政策 宏觀審慎鑑管
자산개격포말 화폐정책 굉관심신감관
Asset Price Bubble; Monetary Policy; Macro-Prudential Regulation
由本次全球金融危机引发的资产价格泡沫与货币政策、宏观审慎监管之间关系研究的热潮是对以往货币政策和宏观审慎政策理论的一次深刻反思,将有可能导致理论上的重大突破和政策实践上的重大调整。这是当前全球货币政策理论和实践领域的最前沿、最热门的课题。近期国外机构的研究认为:(1)现有的通货膨胀指标不能全面准确反映货币购买力的变化,必然导致资产价格泡沫周期;(2)可以从经济金融变量中提取资产价格泡沫形成的早期预警信息,这为采用"逆风而动"的货币政策策略创造了条件;(3)现行的货币政策框架需要调整,以抑制资产价格泡沫的形成;(4)调整后的货币政策策略仍不足以应对金融失衡,需改进宏观审慎监管,与货币政策一起共同应对金融失衡。国外的研究对我国的政策实践具有借鉴意义。
由本次全毬金融危機引髮的資產價格泡沫與貨幣政策、宏觀審慎鑑管之間關繫研究的熱潮是對以往貨幣政策和宏觀審慎政策理論的一次深刻反思,將有可能導緻理論上的重大突破和政策實踐上的重大調整。這是噹前全毬貨幣政策理論和實踐領域的最前沿、最熱門的課題。近期國外機構的研究認為:(1)現有的通貨膨脹指標不能全麵準確反映貨幣購買力的變化,必然導緻資產價格泡沫週期;(2)可以從經濟金融變量中提取資產價格泡沫形成的早期預警信息,這為採用"逆風而動"的貨幣政策策略創造瞭條件;(3)現行的貨幣政策框架需要調整,以抑製資產價格泡沫的形成;(4)調整後的貨幣政策策略仍不足以應對金融失衡,需改進宏觀審慎鑑管,與貨幣政策一起共同應對金融失衡。國外的研究對我國的政策實踐具有藉鑒意義。
유본차전구금융위궤인발적자산개격포말여화폐정책、굉관심신감관지간관계연구적열조시대이왕화폐정책화굉관심신정책이론적일차심각반사,장유가능도치이론상적중대돌파화정책실천상적중대조정。저시당전전구화폐정책이론화실천영역적최전연、최열문적과제。근기국외궤구적연구인위:(1)현유적통화팽창지표불능전면준학반영화폐구매력적변화,필연도치자산개격포말주기;(2)가이종경제금융변량중제취자산개격포말형성적조기예경신식,저위채용"역풍이동"적화폐정책책략창조료조건;(3)현행적화폐정책광가수요조정,이억제자산개격포말적형성;(4)조정후적화폐정책책략잉불족이응대금융실형,수개진굉관심신감관,여화폐정책일기공동응대금융실형。국외적연구대아국적정책실천구유차감의의。
Induced by the global financial crisis,the wave of studying the relationships among asset price bubble,monetary policy and macro-prudential regulation is a deep reflection on previous theories concerning monetary policy and macro-prudential policy,and might lead to major breakthrough in theories and adjustment in practice.This is the hottest and most leading topic around the globe nowadays.Recent researches conducted by foreign institutions show that:(1) current inflation indicator can not fully reflect the change of purchasing power of currencies,and will necessarily lead to asset price bubble cycle;(2) it is possible to draw early warning signal of the formation of asset price bubble from economic and financial indicators,thus makes "lean against the wind" strategy adoptable;(3) current monetary policy framework needs to be adjusted in order to restrain the formation of asset price bubble;(4) adjusted monetary policy alone is not enough to cope with financial imbalance.We need to improve macro-prudential regulation,altogether with adjusted monetary policy,to deal with financial imbalance.These researches are meaningful reference for China's policy practices.