CAJ | 학술논문

美国次贷危机爆发后，宏观审慎监管已成为国际社会关注的焦点问题。文章在宏观审慎的框架下，从宏观审慎监管的两个维度——空间维度和时间维度，结合新加坡、日本、美国三国的住房金融体系发展的经验，分析我国构建政策性住房金融机构的必要性。在空间维度上，政策性住房金融机构可以通过隔离出易形成风险的贷款对象，分散住房金融市场的风险；在时间维度上，政策性住房金融机构作为不同于商业性住房金融机构的“非盈利性”机构，可以起到抑制商业性住房机构顺周期性的作用，有利于住房金融市场的稳定发展。针对我国政策性住房金融的特点及主要问题，文章提出应在宏观审慎框架下构建独立的政策性住房金融机构并加强监管。
미국차대위궤폭발후，굉관심신감관이성위국제사회관주적초점문제。문장재굉관심신적광가하，종굉관심신감관적량개유도——공간유도화시간유도，결합신가파、일본、미국삼국적주방금융체계발전적경험，분석아국구건정책성주방금융궤구적필요성。재공간유도상，정책성주방금융궤구가이통과격리출역형성풍험적대관대상，분산주방금융시장적풍험；재시간유도상，정책성주방금융궤구작위불동우상업성주방금융궤구적“비영리성”궤구，가이기도억제상업성주방궤구순주기성적작용，유리우주방금융시장적은정발전。침대아국정책성주방금융적특점급주요문제，문장제출응재굉관심신광가하구건독립적정책성주방금융궤구병가강감관。
Since the American sub - prime mortgage crisis broke out, macro - prudential regulation has become the focus of international attention. This paper analyzes the necessity of constructing policy - based housing fi- nancial institutions in the two dimensions of macro - prudential regulation - the cross - sectional dimension and time dimension, in combination with development experiences of the housing financial systems in Singapore, Ja- pan and the United States. A policy - based housing financial institution can spread risks of housing financial markets in the cross - sectional dimension by segregating borrowers who might easily become at risk. As a non - profit institution, the policy - based housing financial institution can restrain the pro - cyclicality effect occur~ ring in commercial housing financial institutions and help to maintain steady development of the housing finan- cial market in the time dimension. Concerning the character and main problems of policy - based housing fi- nance in China, this paper also proposes establishing an independent policy - based housing financial institution with more regulatory power.