CAJ | 학술논문

本文通过实证分析发现BaselⅢ逆周期资本缓冲有两个效果：一是在降低银行破产概率方面，相当于把资本充足率提高1％；二是消除Basel11对信贷供给约50％的顺周期影响。但Basel Ⅲ逆周期资本缓冲主要针对企业信用状况驱动的信贷顺周期性，应对资产价格驱动的信贷顺周期性的效果可能有限，应发挥货币政策的逆周期调控功能并与逆周期资本监管相协调。
본문통과실증분석발현BaselⅢ역주기자본완충유량개효과：일시재강저은행파산개솔방면，상당우파자본충족솔제고1％；이시소제Basel11대신대공급약50％적순주기영향。단Basel Ⅲ역주기자본완충주요침대기업신용상황구동적신대순주기성，응대자산개격구동적신대순주기성적효과가능유한，응발휘화폐정책적역주기조공공능병여역주기자본감관상협조。
We find Basel Ⅲ countercyclical capital buffer has two major effects. One is to increase capital re quirement by about 1% and another is to reduce Basel Ⅱ＇s procyclicality by about 50%. But Basel Ⅲ counter cyclical capital buffer probably has limited power in curbing credit expansion caused by asset price. In such cir cumstances, it is more appropriate to use monetary policy, and the coordination between monetary policy and countercyclical financial regulation should be improved.