宏观审慎政策的跨境溢出效应与国际协调.PDFVIP

专 题：全球化与金融跨境 Special Topic: Cross-border Finance in A Globalization Environment 宏观审慎政策的跨境溢出效应 与国际协调 International Coordination of Macroprudential Policies and Cross-border Spillover Effects 张朝洋 摘 要：在金融一体化环境下，宏观审慎政策会产生跨境溢出效应，而宏观审慎政策国际协调有 助于提高宏观审慎政策在国家层面的有效性。本文尝试分析宏观审慎政策的跨境溢出效应，并探讨宏观 审慎政策的国际协调问题，建议关注宏观审慎政策的国际影响，重视金融开放过程中宏观审慎政策及其 配套制度的完善，加强宏观审慎政策的国际协调。本文的研究对完善当前我国宏观审慎管理框架及健全 货币政策与宏观审慎政策双支柱调控框架具有一定的启示意义。 关键词：宏观审慎政策 溢出效应 监管套利 政策协调 Abstract: Growing financial integration around the world has had the unintended consequence of increased cross-border spillover effects from domestic macroprudential policies. As a result, greater international coordination in the implementation of macroprudential policies is needed to improve the effectiveness of national level policies. This paper attempts to analyze the cross-border spillover effects of domestic macroprudential policies and examines the question of global policy coordination. It also suggests that greater attention should be given to the international impact of national macroprudential policies. It concludes there is a growing need for improving domestic macroprudential policies and the regulatory framework as the financial sector is opened up and international policy coordination is strengthened. This paper looks at the prospects for improvements in the framework for monetary and macro-prudential policies. Keywords: Macroprudential Policy, Spillover Effect, Regulatory Arbitrage, Policy Coordination 问题的提出 2008年全球金融危机以后，各国纷纷使用宏观审慎政策来抑 制系统性风险，并由此引发了对宏观审慎政策传导机制及其作用效 作者单位：中国人民银行南昌中心支行。本文仅代表作者观点，与所在机构无关。 14 《金融市场研究》2018.12 VOL.79