宏观审慎管理理论及其中国化问题研究
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摘要
2008年爆发的国际金融危机深刻表明,微观审慎管理的总和不等于宏观审慎管理,维护金融稳定不能只关注单个金融机构或单个行业的风险,而要从宏观和整体的角度出发防范系统性金融风险。因此,迫切需要建立一套完整的宏观审慎管理理论体系、制度框架,以及相应的政策工具,去防范由金融体系顺周期波动和跨部门传染导致的系统性风险,以维护整个金融体系的稳定。当前,金融宏观审慎管理还处于探索期,在具体的组织结构、政策选择、协调机制、工具实施等诸多方面,存在较多的争议。而且,由于金融管理制度、组织体系、市场结构、融资结构等方面的差异,各国推进金融宏观审慎管理的路径也有所不同。因此,我国建立中国化的宏观审慎管理制度,还需要进行大量的理论研究和实践探索。
本文以宏观审慎管理的理论体系研究为起点,以主要国际金融组织和经济体的宏观审慎管理实践为借鉴,重点研究宏观审慎管理理论本土化、中国化问题。在研究方法上,采用规范分析与实证研究相结合,定量分析与定性研究相结合,个案分析与宏观研究相结合的综合分析方法。
自20世纪八十年代,基于最低资本约束下的微观审慎监管开始被各国银行业监管实施机构采纳并成为主流。可是从最近二十年实施情况来看,虽然微观审慎监管干预不断加强,但金融危机爆发的强度却似乎有增无减。本文从理论上论述了微观审慎管理的局限性与不足,并通过比较比较宏观审慎管理与微观审慎管理、宏观金融调控、金融机构风险管理异同着手,论述宏观审慎管理本质,并从宏观审慎分析、宏观审慎政策、宏观审慎工具等方面入手,重点介绍宏观审慎管理框架。同时,中央银行作为银行的银行、发行的银行和政府的银行,在一国或一区域经济金融体系中具有特殊的重要地位。本文通过简要回顾中央银行的性质与职责,寻求中央银行承担宏观审慎管理职责的理论依据与法理依据,明晰中央银行在宏观审慎管理中的职责定位。
国际金融危机后,主要国际金融组织和经济体都加强了宏观审慎管理。本文梳理了巴塞尔银行监管委员会、国际清算银行、金融稳定理事会、国际会计准则理事会、证监会国际组织在宏观审慎标准制定方面的探索,研究了美国、英国、法国、德国在宏观审慎管理方面的实践,分析了西班牙的动态拨备、英国的问题银行特别处理机制等典型宏观审慎管理工具,并在比较研究的基础上对有关宏观审慎管理实践进行反思,为我国实施宏观审慎管理提供了参考：一是必须完善宏观审慎管理组织构架；二是要充分发挥中央银行在宏观审慎管理中的核心作用；三是需要实施更为广泛的宏观审慎监管范围；四是要积极探索应对金融体系顺周期性和系统重要性问题的监管措施；五是应建立有效的金融风险处置和危机应对机制。
由于各国国情不同,各国宏观审慎管理的制度设计也有所差异,因此,中国宏观审慎管理必须考虑面对的宏观初始环境,量体裁衣地进行制度设计,而不可照搬外国经验。从我国国情看,经济金融运行存在明显的顺周期特征,并且由于金融体系内在的脆弱性,导致金融风险时有发生。这对我国实施宏观审慎管理提出了客观要求。当前,我国实施“一行三会一局”的金融管理组织体系。从组织机构看,管理对象包括银行业金融机构、非银行业金融机构和其他准金融机构；从交易标的物看,管理对象包括资本市场、货币市场、外汇市场、金融创新产品市场、保险市场和黄金市场。在宏观审慎管理实践方面,中国已探索实施了差别存款准备金动态调整、资本充足率监管、动态拨备等政策工具。从江西省赣州市的实施情况看,各宏观审慎政策工具较好地发挥了逆周期调节、防范系统性金融机构经营风险的作用,成效显著。但另一方面,相关政策工具在具体操作上,还存在主观性强,科学性和严谨性不够等问题,有待进一步细化和完善。
宏观审慎分析体系、宏观审慎管理工具创新、系统重要性金融机构监管、问题金融机构处置等要素是构成宏观审慎管理制度框架的重要组成部分。其中,宏观审慎分析是宏观审慎管理的核心和基础,关注重点主要集中在反映宏观经济健康发展的代表性指标,以及反映金融机构业务尤其是银行业务的监测指标,为提高宏观审慎分析的信息数据质量,应大力推进金融统计信息标准化工作。宏观审慎管理工具方面,应改进动态拨备制度和差别存款准备金政策等逆周期的信贷调控机制,实施存款保险制度,完善中央银行最后贷款人职能。系统重要性金融机构监管方面,应采用定量判断和定性判断相结合的方法,定量判断要考虑规模、关联性、可替代性、复杂性等指标,定性判断要考虑金融机构的公司治理、内控机制、风险管理能力、风险传递途径等因素。问题金融机构处置方面,应健全问题金融机构风险处置的法律体系,实现资金援助方式市场化、多样化,在问题金融机构处置中,应弱化行政干预、强化市场手段。
一国宏观审慎管理框架的构建,除需要考虑宏观审慎分析、宏观审慎政策和宏观审慎工具等技术性因素外,还受一国宏观基础环境的影响和制约,因此,构建中国本土化的宏观审慎管理框架,必须进一步深化金融改革,解决管理制度、组织体系和市场结构等方面的瓶颈制约。当前我国加强宏观审慎管理,面临着监管主体职权不清晰、缺乏有效的监管协调机制、人民银行的核心地位不突出、金融市场发展不足、对混业经营监管乏力等问题,亟需着手解决。具体而言,在金融管理制度方面,需要建立健全中国宏观审慎管理法律体系,提升国内宏观审慎监管标准,建立宏观审慎管理部门之间沟通协调的长效机制,加强中国与世界其他国家宏观审慎监管的协调机制；在金融组织体系方面,应组建跨部门的宏观审慎管理委员会,突出人民银行在金融宏观审慎管理中的地位与作用,理顺金融监管部门之间的职责分工；在金融市场发展方面,应加强建立不同类型、多个层次的金融市场体系,充分开发多元的、异质的金融创新业务模式和品种,夯实防范系统性风险的基础。
本文的创新之处主要体现在三个方面。
一是理论的体系化。宏观审慎管理是从金融管理政策实践中提出的理念,目前讨论主要集中在政策和工具层面,相关理论框架还不完善,特别是相对于金融监管理论、金融机构风险管理理论、货币政策理论,宏观审慎管理缺乏坚实的理论基础,对宏观审慎管理的性质、宏观审慎管理与微观审慎管理和货币政策的关系、中央银行在宏观审慎管理中地位和作用等问题的研究还比较薄弱。本文通过文献综述、比较分析、经验借鉴,对相关理论框架进行完善,对中央银行在宏观审慎管理中的地位和作用进行论证,力求实现宏观审慎管理理论体系化。
二是实践的中国化。G20的首尔峰会形成了宏观审慎管理的基础性框架,并得到了G20峰会的批准,要求G20各成员国落实执行。目前国际组织和主要国家也积极探索开展宏观审慎改革,并构建了基本的宏观审慎管理框架。推动相关经验和建议本土化、中国化,是建立中国宏观审慎管理制度框架亟须解决的问题,也是本文着力研究的创新点。
三是对中国宏观审慎管理实践的检验。目前,对于宏观审慎管理的研究主要停留在理论论证和框架设计方面,对于具体管理政策的实践效果鲜有研究,而实践效果又是检验理论科学性和框架合理性的重要标准。为此,本文尝试以江西省赣州市为样本,重点检验差别存款准备金动态调整政策、资本充足率监管政策以及动态拨备政策实施效果,为中国宏观审慎管理制度建设提供实证参考。
The international financial crisis in2008proved that the sum of the micro-prudential management is not equal to macro-prudential management. Maintaining financial stability should not only concern about the risk of single financial institution or single industry, but from the macro or the overall perspective to prevent systemic financial risks. Therefore, there is an urgent need to establish a complete set of theoretical systems, governance framework and policy tools of macro-prudential management, to prevent systemic risk which comes from widespread contact between economic and financial collective behavior of financial institutions, and to maintain the stability of the entire financial system. At present, financial macro-prudential management is still in exploration, its specific organizational structure, coordination mechanisms, policy options, implementation tools, etc, are still have many differences and disputes. Moreover, the financial management system, organizational system, market structure, financing structure of each country is different, so the path of its implement macro-prudential management is different. Therefore, our country establishing macro-prudential management system still requires a lot of theoretical research and practical exploration.
This paper is starting at the theoretical research of macro-prudential management, learning macro-prudential management practice from major international financial organizations and economies, and it drawing focus on macro-prudential management combine with national conditions of China. It's using comprehensive analysis method, combining literature research with empirical research, quantitative analysis with qualitative analysis, including economics, finance, regulatory, legal and other multi-disciplinary.
Since the1980s, the micro-prudential supervision which based on minimum capital requirements has gradually become the mainstream of national banking supervision practices. But the last2decades, although the micro-prudential supervision continues to strengthen, the intensity of financial crisis has still enhanced. This paper discusses the limitations and shortcomings of the micro-prudential management. Through comparing the difference among macro-prudential management, micro-prudential management, macro-financial regulation, risk management of financial institutions and other financial management systems, it defines the concept, essence and purpose of macro-prudential management. The paper highlights macro-prudential management framework from the macro-prudential analysis, macro-prudential policy, macro-prudential tools, etc. At the same time, the central bank as issued bank, bank of banks, government bank, has special important position in the financial and economic system of a country. Through briefly review the essence and responsibilities of the central bank, this paper want to seek the theoretical and legal basis for the central bank to take responsibilities of macro-prudential management, and clarity its functional orientation.
Since the international financial crisis outbreak, the major international financial organizations and the economies have strengthened macro-prudential management. This paper reviews the exploration of Basel Committee on Banking Supervision(BCBS), Bank for International Settlements(BIS), the Financial Stability Board(FSB), the International Accounting Standards Board(IASB),and Securities and Futures Commission (SFC) on developing macro-prudential standards; studies the practices of United States, UK, France and Germany at the macro-prudential management; analyzes typical macro-prudential tools including the dynamic provisioning system in Spain, special treatment mechanism of troubled banks in the UK's. It forms the inspiration and reflection of the macro-prudential management on the basis of comparative study; First, it must improve the macro-prudential management framework;second, the central bank must play as a core in the macro-prudential management; third, needs to implement a wider range of macro-prudential supervision; fourth, actively explores regulatory measures to deal with pro-cyclicality of the financial system and systemically important problem; fifth, establish effective disposal mechanisms of financial risks and response mechanisms to crisis.
Because each country has different national condition, the system design of its macro-prudential management is also different. Therefore, China's macro-prudential management must consider the macro-initial environment, designs the system combined with its conditions, but not copy the experience of foreign countries. In our country's situation, the economic and financial have significant pro-cyclical features, and due to the inherent vulnerability of the financial system, it's easily leading to financial risk, and this improve an objective requirement for China's implementation of macro-prudential management. At present, China's financial management organizational system is base on the function of PBC,CBRC,CSRC,CIRC and SAFE. As in organization, it manages banking institutions, non-banking institutions and other quasi-financial institutions; from the subject matter of the transaction, its management includes money market, capital markets, financial derivatives, foreign exchange market, insurance market and the gold market. In the practices of macro-prudential management, China has explored to implement dynamic adjustment of differential deposit reserve, capital adequacy ratio and dynamic provisioning, etc. See the example as Ganzhou of Jiangxi province, the implementation of the macro-prudential policy tools effectively produced counter-cyclical regulation and prevent the risk of systemic financial institutions. But on the other hand, the relevant policy tools in the specific operation, still have some problem including subjectivity, lack of scientific and rigor, etc, needs further refined and improved.
Macro-prudential analysis system, tools innovation of macro-prudential management, systemically important financial institutions supervision, disposal of problem financial institutions, etc, are the important part of macro-prudential management system framework. Among them, the macro-prudential analysis is the core and foundation of macro-prudential management, and focus mainly on the representative indicators which reflect macroeconomic healthy and monitoring indicators which reflect the financial institutions especially banks. In order to improve information data quality of macro-prudential analysis, it should promote the standardization of financial statistics. In the aspect of macro-prudential management tools, it should improve counter-cyclical credit regulation mechanism including dynamic provisioning and loan provision policies, implement the deposit insurance system, improves the function of central bank lender of last resort. In the supervision of systemically important financial institutions, it should combine quantitative judgment and qualitative judgment method, the quantitative judgment need to consider scale, relevance, substitutability, complexity and other indicators, the qualitative judgment needs to consider the corporate governance of financial institutions, internal control mechanisms, risk management capabilities, risk transfer pathway and other factors. In the disposal of problem financial institutions, it should improve the legal system of risk management in problem financial institutions, achieve market-oriented and diversification in modality of financial assistance, and weaken administrative interventions, aggrandizement market means.
To build the framework of a country's macro-prudential management, it needs to consider macro-prudential analysis, macro-prudential policy and macro-prudential tools and other technical factors, but also affect or constrain by a country's environment. Therefore, in order to construct the Chinese localized framework of macro-prudential management, it musts further deepen financial reform and address the bottleneck restrict of management system, organization system and market structure and other aspects. In the current, our country strengthens macro-prudential management, faced with the terms of the supervision authority is not clear, lack of effective monitoring and coordination mechanisms, the core status the People's Bank of China is not conspicuous, the financial market develops insufficient, weak supervision of mixed operation, etc, urgent needs to resolve. Specifically, in the financial management system, it needs to establish and improve China's macro-prudential management legal system to enhance domestic macro-prudential regulatory standards, establish long-term mechanism for communication and coordination among macro-prudential management departments, strengthen the coordination mechanism of China and other countries in the world on macro-prudential supervision; in the financial organization system, it should build the cross-sectional macro-prudential management committee, strengthen the organic combination of micro-prudential supervision and macro-prudential supervision, highlight the status and role of the PBC in financial macro-prudential management, improve duties of the Ministry of Finance in promoting financial stability and crisis assistance; in the financial market development, it need to encourage the establishment of a variety of types and different levels of financial institution system, actively develop diversified, heterogeneous financial business models and business types, and lay a Solid Foundation to guard against systemic risk.
The innovation of this paper is mainly reflected in three aspects:First, form systematic theory. Macro-prudential management is a concept proposed from the practice of financial management policies, and in present it mainly focused on policies and tools, its theoretical framework is not perfect, especially relative to the theory of financial regulation, risk management theory of financial institutions, monetary policy theory. Macro-prudential management lacks of solid theoretical foundation, its research on the nature of macro-prudential management, the relationship among macro-prudential management, micro-prudential management and monetary policy, the central bank'status and role in macro-prudential management is still relatively weak. Through literature review, comparative analysis, experience learning, this paper improve the theoretical framework, conduct feasibility studies on the status and role of the central bank in the macro-prudential management, and strive to achieve the theoretical system of macro-prudential management.
Second, the practice implement in China. Seoul summit of G20formed the basic framework of macro-prudential management, and it has been approved by the G20summit, required the member countries to implement. At present, international organizations and major countries also actively explore macro-prudential reform and build the basic framework for macro-prudential regulatory. Promoting relevant experience and recommending it to implement in China is an urgent problem which need to resolve in establishing the framework of the macro-prudential management system, and it's the innovation that this paper focus on.
Third, test practices on macro-prudential management of China. At present, the research on macro-prudential management is mainly focused on the theory and framework design, but few on specific management policy. And effect of practice is an important standard to test the scientific of theory and the rationality of framework. Therefore, this paper attempts to take Ganzhou city of Jiangxi province as samples, focusing on testing dynamic adjustment of differential deposit reserve policy, capital adequacy ratio regulation policy and the implementation effect of dynamic provisioning policy, and provide empirical reference for the construction of macro-prudential management in China.
本文以宏观审慎管理的理论体系研究为起点,以主要国际金融组织和经济体的宏观审慎管理实践为借鉴,重点研究宏观审慎管理理论本土化、中国化问题。在研究方法上,采用规范分析与实证研究相结合,定量分析与定性研究相结合,个案分析与宏观研究相结合的综合分析方法。
自20世纪八十年代,基于最低资本约束下的微观审慎监管开始被各国银行业监管实施机构采纳并成为主流。可是从最近二十年实施情况来看,虽然微观审慎监管干预不断加强,但金融危机爆发的强度却似乎有增无减。本文从理论上论述了微观审慎管理的局限性与不足,并通过比较比较宏观审慎管理与微观审慎管理、宏观金融调控、金融机构风险管理异同着手,论述宏观审慎管理本质,并从宏观审慎分析、宏观审慎政策、宏观审慎工具等方面入手,重点介绍宏观审慎管理框架。同时,中央银行作为银行的银行、发行的银行和政府的银行,在一国或一区域经济金融体系中具有特殊的重要地位。本文通过简要回顾中央银行的性质与职责,寻求中央银行承担宏观审慎管理职责的理论依据与法理依据,明晰中央银行在宏观审慎管理中的职责定位。
国际金融危机后,主要国际金融组织和经济体都加强了宏观审慎管理。本文梳理了巴塞尔银行监管委员会、国际清算银行、金融稳定理事会、国际会计准则理事会、证监会国际组织在宏观审慎标准制定方面的探索,研究了美国、英国、法国、德国在宏观审慎管理方面的实践,分析了西班牙的动态拨备、英国的问题银行特别处理机制等典型宏观审慎管理工具,并在比较研究的基础上对有关宏观审慎管理实践进行反思,为我国实施宏观审慎管理提供了参考：一是必须完善宏观审慎管理组织构架；二是要充分发挥中央银行在宏观审慎管理中的核心作用；三是需要实施更为广泛的宏观审慎监管范围；四是要积极探索应对金融体系顺周期性和系统重要性问题的监管措施；五是应建立有效的金融风险处置和危机应对机制。
由于各国国情不同,各国宏观审慎管理的制度设计也有所差异,因此,中国宏观审慎管理必须考虑面对的宏观初始环境,量体裁衣地进行制度设计,而不可照搬外国经验。从我国国情看,经济金融运行存在明显的顺周期特征,并且由于金融体系内在的脆弱性,导致金融风险时有发生。这对我国实施宏观审慎管理提出了客观要求。当前,我国实施“一行三会一局”的金融管理组织体系。从组织机构看,管理对象包括银行业金融机构、非银行业金融机构和其他准金融机构；从交易标的物看,管理对象包括资本市场、货币市场、外汇市场、金融创新产品市场、保险市场和黄金市场。在宏观审慎管理实践方面,中国已探索实施了差别存款准备金动态调整、资本充足率监管、动态拨备等政策工具。从江西省赣州市的实施情况看,各宏观审慎政策工具较好地发挥了逆周期调节、防范系统性金融机构经营风险的作用,成效显著。但另一方面,相关政策工具在具体操作上,还存在主观性强,科学性和严谨性不够等问题,有待进一步细化和完善。
宏观审慎分析体系、宏观审慎管理工具创新、系统重要性金融机构监管、问题金融机构处置等要素是构成宏观审慎管理制度框架的重要组成部分。其中,宏观审慎分析是宏观审慎管理的核心和基础,关注重点主要集中在反映宏观经济健康发展的代表性指标,以及反映金融机构业务尤其是银行业务的监测指标,为提高宏观审慎分析的信息数据质量,应大力推进金融统计信息标准化工作。宏观审慎管理工具方面,应改进动态拨备制度和差别存款准备金政策等逆周期的信贷调控机制,实施存款保险制度,完善中央银行最后贷款人职能。系统重要性金融机构监管方面,应采用定量判断和定性判断相结合的方法,定量判断要考虑规模、关联性、可替代性、复杂性等指标,定性判断要考虑金融机构的公司治理、内控机制、风险管理能力、风险传递途径等因素。问题金融机构处置方面,应健全问题金融机构风险处置的法律体系,实现资金援助方式市场化、多样化,在问题金融机构处置中,应弱化行政干预、强化市场手段。
一国宏观审慎管理框架的构建,除需要考虑宏观审慎分析、宏观审慎政策和宏观审慎工具等技术性因素外,还受一国宏观基础环境的影响和制约,因此,构建中国本土化的宏观审慎管理框架,必须进一步深化金融改革,解决管理制度、组织体系和市场结构等方面的瓶颈制约。当前我国加强宏观审慎管理,面临着监管主体职权不清晰、缺乏有效的监管协调机制、人民银行的核心地位不突出、金融市场发展不足、对混业经营监管乏力等问题,亟需着手解决。具体而言,在金融管理制度方面,需要建立健全中国宏观审慎管理法律体系,提升国内宏观审慎监管标准,建立宏观审慎管理部门之间沟通协调的长效机制,加强中国与世界其他国家宏观审慎监管的协调机制；在金融组织体系方面,应组建跨部门的宏观审慎管理委员会,突出人民银行在金融宏观审慎管理中的地位与作用,理顺金融监管部门之间的职责分工；在金融市场发展方面,应加强建立不同类型、多个层次的金融市场体系,充分开发多元的、异质的金融创新业务模式和品种,夯实防范系统性风险的基础。
本文的创新之处主要体现在三个方面。
一是理论的体系化。宏观审慎管理是从金融管理政策实践中提出的理念,目前讨论主要集中在政策和工具层面,相关理论框架还不完善,特别是相对于金融监管理论、金融机构风险管理理论、货币政策理论,宏观审慎管理缺乏坚实的理论基础,对宏观审慎管理的性质、宏观审慎管理与微观审慎管理和货币政策的关系、中央银行在宏观审慎管理中地位和作用等问题的研究还比较薄弱。本文通过文献综述、比较分析、经验借鉴,对相关理论框架进行完善,对中央银行在宏观审慎管理中的地位和作用进行论证,力求实现宏观审慎管理理论体系化。
二是实践的中国化。G20的首尔峰会形成了宏观审慎管理的基础性框架,并得到了G20峰会的批准,要求G20各成员国落实执行。目前国际组织和主要国家也积极探索开展宏观审慎改革,并构建了基本的宏观审慎管理框架。推动相关经验和建议本土化、中国化,是建立中国宏观审慎管理制度框架亟须解决的问题,也是本文着力研究的创新点。
三是对中国宏观审慎管理实践的检验。目前,对于宏观审慎管理的研究主要停留在理论论证和框架设计方面,对于具体管理政策的实践效果鲜有研究,而实践效果又是检验理论科学性和框架合理性的重要标准。为此,本文尝试以江西省赣州市为样本,重点检验差别存款准备金动态调整政策、资本充足率监管政策以及动态拨备政策实施效果,为中国宏观审慎管理制度建设提供实证参考。
The international financial crisis in2008proved that the sum of the micro-prudential management is not equal to macro-prudential management. Maintaining financial stability should not only concern about the risk of single financial institution or single industry, but from the macro or the overall perspective to prevent systemic financial risks. Therefore, there is an urgent need to establish a complete set of theoretical systems, governance framework and policy tools of macro-prudential management, to prevent systemic risk which comes from widespread contact between economic and financial collective behavior of financial institutions, and to maintain the stability of the entire financial system. At present, financial macro-prudential management is still in exploration, its specific organizational structure, coordination mechanisms, policy options, implementation tools, etc, are still have many differences and disputes. Moreover, the financial management system, organizational system, market structure, financing structure of each country is different, so the path of its implement macro-prudential management is different. Therefore, our country establishing macro-prudential management system still requires a lot of theoretical research and practical exploration.
This paper is starting at the theoretical research of macro-prudential management, learning macro-prudential management practice from major international financial organizations and economies, and it drawing focus on macro-prudential management combine with national conditions of China. It's using comprehensive analysis method, combining literature research with empirical research, quantitative analysis with qualitative analysis, including economics, finance, regulatory, legal and other multi-disciplinary.
Since the1980s, the micro-prudential supervision which based on minimum capital requirements has gradually become the mainstream of national banking supervision practices. But the last2decades, although the micro-prudential supervision continues to strengthen, the intensity of financial crisis has still enhanced. This paper discusses the limitations and shortcomings of the micro-prudential management. Through comparing the difference among macro-prudential management, micro-prudential management, macro-financial regulation, risk management of financial institutions and other financial management systems, it defines the concept, essence and purpose of macro-prudential management. The paper highlights macro-prudential management framework from the macro-prudential analysis, macro-prudential policy, macro-prudential tools, etc. At the same time, the central bank as issued bank, bank of banks, government bank, has special important position in the financial and economic system of a country. Through briefly review the essence and responsibilities of the central bank, this paper want to seek the theoretical and legal basis for the central bank to take responsibilities of macro-prudential management, and clarity its functional orientation.
Since the international financial crisis outbreak, the major international financial organizations and the economies have strengthened macro-prudential management. This paper reviews the exploration of Basel Committee on Banking Supervision(BCBS), Bank for International Settlements(BIS), the Financial Stability Board(FSB), the International Accounting Standards Board(IASB),and Securities and Futures Commission (SFC) on developing macro-prudential standards; studies the practices of United States, UK, France and Germany at the macro-prudential management; analyzes typical macro-prudential tools including the dynamic provisioning system in Spain, special treatment mechanism of troubled banks in the UK's. It forms the inspiration and reflection of the macro-prudential management on the basis of comparative study; First, it must improve the macro-prudential management framework;second, the central bank must play as a core in the macro-prudential management; third, needs to implement a wider range of macro-prudential supervision; fourth, actively explores regulatory measures to deal with pro-cyclicality of the financial system and systemically important problem; fifth, establish effective disposal mechanisms of financial risks and response mechanisms to crisis.
Because each country has different national condition, the system design of its macro-prudential management is also different. Therefore, China's macro-prudential management must consider the macro-initial environment, designs the system combined with its conditions, but not copy the experience of foreign countries. In our country's situation, the economic and financial have significant pro-cyclical features, and due to the inherent vulnerability of the financial system, it's easily leading to financial risk, and this improve an objective requirement for China's implementation of macro-prudential management. At present, China's financial management organizational system is base on the function of PBC,CBRC,CSRC,CIRC and SAFE. As in organization, it manages banking institutions, non-banking institutions and other quasi-financial institutions; from the subject matter of the transaction, its management includes money market, capital markets, financial derivatives, foreign exchange market, insurance market and the gold market. In the practices of macro-prudential management, China has explored to implement dynamic adjustment of differential deposit reserve, capital adequacy ratio and dynamic provisioning, etc. See the example as Ganzhou of Jiangxi province, the implementation of the macro-prudential policy tools effectively produced counter-cyclical regulation and prevent the risk of systemic financial institutions. But on the other hand, the relevant policy tools in the specific operation, still have some problem including subjectivity, lack of scientific and rigor, etc, needs further refined and improved.
Macro-prudential analysis system, tools innovation of macro-prudential management, systemically important financial institutions supervision, disposal of problem financial institutions, etc, are the important part of macro-prudential management system framework. Among them, the macro-prudential analysis is the core and foundation of macro-prudential management, and focus mainly on the representative indicators which reflect macroeconomic healthy and monitoring indicators which reflect the financial institutions especially banks. In order to improve information data quality of macro-prudential analysis, it should promote the standardization of financial statistics. In the aspect of macro-prudential management tools, it should improve counter-cyclical credit regulation mechanism including dynamic provisioning and loan provision policies, implement the deposit insurance system, improves the function of central bank lender of last resort. In the supervision of systemically important financial institutions, it should combine quantitative judgment and qualitative judgment method, the quantitative judgment need to consider scale, relevance, substitutability, complexity and other indicators, the qualitative judgment needs to consider the corporate governance of financial institutions, internal control mechanisms, risk management capabilities, risk transfer pathway and other factors. In the disposal of problem financial institutions, it should improve the legal system of risk management in problem financial institutions, achieve market-oriented and diversification in modality of financial assistance, and weaken administrative interventions, aggrandizement market means.
To build the framework of a country's macro-prudential management, it needs to consider macro-prudential analysis, macro-prudential policy and macro-prudential tools and other technical factors, but also affect or constrain by a country's environment. Therefore, in order to construct the Chinese localized framework of macro-prudential management, it musts further deepen financial reform and address the bottleneck restrict of management system, organization system and market structure and other aspects. In the current, our country strengthens macro-prudential management, faced with the terms of the supervision authority is not clear, lack of effective monitoring and coordination mechanisms, the core status the People's Bank of China is not conspicuous, the financial market develops insufficient, weak supervision of mixed operation, etc, urgent needs to resolve. Specifically, in the financial management system, it needs to establish and improve China's macro-prudential management legal system to enhance domestic macro-prudential regulatory standards, establish long-term mechanism for communication and coordination among macro-prudential management departments, strengthen the coordination mechanism of China and other countries in the world on macro-prudential supervision; in the financial organization system, it should build the cross-sectional macro-prudential management committee, strengthen the organic combination of micro-prudential supervision and macro-prudential supervision, highlight the status and role of the PBC in financial macro-prudential management, improve duties of the Ministry of Finance in promoting financial stability and crisis assistance; in the financial market development, it need to encourage the establishment of a variety of types and different levels of financial institution system, actively develop diversified, heterogeneous financial business models and business types, and lay a Solid Foundation to guard against systemic risk.
The innovation of this paper is mainly reflected in three aspects:First, form systematic theory. Macro-prudential management is a concept proposed from the practice of financial management policies, and in present it mainly focused on policies and tools, its theoretical framework is not perfect, especially relative to the theory of financial regulation, risk management theory of financial institutions, monetary policy theory. Macro-prudential management lacks of solid theoretical foundation, its research on the nature of macro-prudential management, the relationship among macro-prudential management, micro-prudential management and monetary policy, the central bank'status and role in macro-prudential management is still relatively weak. Through literature review, comparative analysis, experience learning, this paper improve the theoretical framework, conduct feasibility studies on the status and role of the central bank in the macro-prudential management, and strive to achieve the theoretical system of macro-prudential management.
Second, the practice implement in China. Seoul summit of G20formed the basic framework of macro-prudential management, and it has been approved by the G20summit, required the member countries to implement. At present, international organizations and major countries also actively explore macro-prudential reform and build the basic framework for macro-prudential regulatory. Promoting relevant experience and recommending it to implement in China is an urgent problem which need to resolve in establishing the framework of the macro-prudential management system, and it's the innovation that this paper focus on.
Third, test practices on macro-prudential management of China. At present, the research on macro-prudential management is mainly focused on the theory and framework design, but few on specific management policy. And effect of practice is an important standard to test the scientific of theory and the rationality of framework. Therefore, this paper attempts to take Ganzhou city of Jiangxi province as samples, focusing on testing dynamic adjustment of differential deposit reserve policy, capital adequacy ratio regulation policy and the implementation effect of dynamic provisioning policy, and provide empirical reference for the construction of macro-prudential management in China.
引文
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