摘要
目前,席卷全球的金融危机促使人们重新审视诸多重大的监管问题,如资本监管制度的顺周期性。几年前,学术界就对资本监管制度的顺周期性表示深度担忧,但是他们的观点并没有得到国际监管部门的足够重视;出台了一些补救措施力度不够。随着金融危机的影响面不断扩大,资本监管制度的顺周期愈益突出。近期,金融稳定委员会发布了解决金融体系顺周期性的报告,重点讨论资本监管的顺周期性。从监管部门的角度看,核心的问题是保证银行在经济下行时期银行持有充足的资本,从而确保整个金融体系的稳定。作为缓解顺周期的补救措施及内在稳定指标,本文提出,将资本充足率计算与经济综合景气指标挂钩,比与资产价格挂钩能够更好地反映中国和其他发展中国家的国情。进而,监管部门则可以考虑设计逆经济周期的监管政策,比如西班牙式的动态准备金计提制度。
The current financial crisis has prompted people to closely review some of the most important regulatory policies, such as the procylieality of capital based regulation. The academia raised their concerns over the pro-cyclicality of capital based regulation quite a long time ago. However, their concerns did not receive adequate attention of the international supervisory community. As a result, some modification of the capital regime did not seem to be sufficient at all. The crisis has underscored the need to carefully look into this issue again. Indeed, the Financial Stability Forum recently issued a report requesting the relevant standard setters to come up with some recommendations by the end of this year. From a supervisory perspective, the core issue is for the banks to remain well capitalized during the economic downturn. As a way to mitigate the procylicality of capital based regulation, it is proposed in this paper that a more comprehensive economic indicator rather than an asset price can be introduced as a built-in stabilizer in rue capital calculation formula particularly for China and other emerging markets. Furthermore, the supervisors could consider additional counter-cyclical measures such as dynamic provisioning as practiced in Spain.
出处
《国际金融研究》
CSSCI
北大核心
2009年第6期12-15,共4页
Studies of International Finance
关键词
金融危机
资本监管
顺周期性
Financial Crisis
Capital Regulation
Procylicality
