金融监管研究
金融鑑管研究
금융감관연구
FINANCIAL REGULATION
2015年
2期
92~105
,共null页
逆周期宏观审慎 系统性风险 金融危机
逆週期宏觀審慎 繫統性風險 金融危機
역주기굉관심신 계통성풍험 금융위궤
Countercyclical Macroprudent; Systemic Risk; Financial Crisis
最近一次金融危机暴露出微观审慎监管存在顺周期性，在一定程度上加剧了经济周期性波动。通过深刻反思金融危机的教训，宏观审慎监管无论是在理论方面还是在政策框架方面，都着眼于通过逆周期监管校正微观审慎监管的顺周期性，从而提高整个金融系统的韧性。当前理论和实证分析也证明了宏观审慎监管的价值，但也存在诸多局限性。只有宏观审慎监管与货币政策等协调配合，才能更好地发挥稳定金融的作用。
最近一次金融危機暴露齣微觀審慎鑑管存在順週期性，在一定程度上加劇瞭經濟週期性波動。通過深刻反思金融危機的教訓，宏觀審慎鑑管無論是在理論方麵還是在政策框架方麵，都著眼于通過逆週期鑑管校正微觀審慎鑑管的順週期性，從而提高整箇金融繫統的韌性。噹前理論和實證分析也證明瞭宏觀審慎鑑管的價值，但也存在諸多跼限性。隻有宏觀審慎鑑管與貨幣政策等協調配閤，纔能更好地髮揮穩定金融的作用。
최근일차금융위궤폭로출미관심신감관존재순주기성，재일정정도상가극료경제주기성파동。통과심각반사금융위궤적교훈，굉관심신감관무론시재이론방면환시재정책광가방면，도착안우통과역주기감관교정미관심신감관적순주기성，종이제고정개금융계통적인성。당전이론화실증분석야증명료굉관심신감관적개치，단야존재제다국한성。지유굉관심신감관여화폐정책등협조배합，재능경호지발휘은정금융적작용。
The latest financial crisis has demonstrated that the pro-cyclical microprudential regulations could exacerbate the economic fluctuations. The lessons have been learned and the macroprudential regulations are developed in terms of theory and in policy framework to rectify the pro-cyclical microprudential regulations to enhance the security of the financial system. The value of macroprudential regulations has been proved both in theory and in practice, however, they do have limitations. The financial stability would be more secured when maeroprudential regulations cooperate with monetary policies.
