宏观审慎视角下的系统性金融风险研究

摘要

全球金融危机使监管者认识到仅靠微观审慎监管无法保证金融系统的稳定，必须加强逆周期的宏观审慎监管。本文首先回顾了对系统性金融风险、宏观审慎监管等重要概念的认识和发展；其次比较了美国、欧盟的逆周期宏观审慎政策框架；再次对我国的信贷投放、资本监管和贷款损失拨备的顺周期性进行了实证检验；最后，本文对我国的逆周期宏观审慎监管提出了相关建议。%The global financial crisis make the regulators realized that micro prudential supervision can not guarantee the stability of the ifnancial system, must strengthen the countercyclical macro Prudential supervision. This paper first reviews the understanding and development of the concept of systemic financial risk, macro prudential regulation, then compares the United States, the European Union counter cyclical macro Prudential policy framework, finally, puts forward related suggestions of the inverse cycle of China's macro Prudential regulation .