摘要
党的十九大报告提出坚决打好“防范化解重大风险”攻坚战。维护金融市场稳定关乎我国经济社会发展全局,研究货币政策与宏观审慎政策“双支柱”调控框架的金融稳定效应及两者间的协调搭配意义重大。通过分别构建货币政策、宏观审慎政策及金融稳定指数,运用动态时变参数TVP-VAR模型进行脉冲响应,并以此来研究货币政策与宏观审慎政策“双支柱”调控框架的政策效应与协调性问题。研究结果表明:中短期和长期货币政策的金融稳定效应不同;宏观审慎政策有助于实现金融市场稳定,但实施时要注意货币政策的影响;物价和资产价格涨跌不一致时,货币政策与宏观审慎政策“双支柱”调控框架对金融市场的调控可能会面临政策目标的相互“冲突”,物价和资产价格出现“双涨”或“双跌”时,两政策互为“补充”。
The report of the Nineteenth National Congress of the Communist Party of China proposed to resolutely fight the tough battle to“prevent and resolve major risks.”Maintaining the stability of the financial market is related to the overall economic and social development of our country.It is of great significance to study the financial stability effects of the“dual-pillar”regulatory framework of monetary policy and macro-prudential policy and the coordination between the two.This article innovatively constructs monetary policy,macroprudential policy and financial stability index respectively,uses the dynamic time-varying parameter TVP-VAR model for impulse response,and uses this to study the policy effects of the“double-pillar”regulatory framework of monetary policy and macroprudential policy And coordination issues.The research results show that the financial stability effects of short-term and long term monetary policies are different;macro-prudential policies help to achieve financial market stability,but the impact of monetary policy should be paid attention to when implementing;when prices and asset prices are inconsistent,monetary policy and macro The prudential policy“dual-pillar”regulatory framework for financial market regulation may face mutual“conflicts”of policy objectives.When prices and asset prices appear to“double up”or“double down”,the two policies will“complement”each other.
出处
《金融理论与实践》
北大核心
2021年第10期54-63,共10页
Financial Theory and Practice
基金
国家社会科学基金项目“稳金融战略下预期引导平抑金融市场波动的机理分析、效应评估与策略优化研究”(20BJY258)
山西省高等学校人文社会科学重点研究基地项目“系统重要性金融机构的审慎监管研究”(20200122)资助。
