金融危机形成机理及其应对之策，即确保金融市场整体稳定的政策，被国际经济学界称为宏观审慎政策。而过去主要针对具体金融机构（如个体银行）的风险评估与监管的政策被称为微观审慎政策。“宏观审慎”一词，最早出现在20世纪70年代的库克委员会（现在负责银行业监管的巴塞尔委员会的前身）的会议记录上。2008年国际金融危机发生后，对宏观审慎政策的讨论和研究急剧增加。尤其是近两年，相关的演讲、学术报告、工作论文大量出现，其基本观点是：今后各国（国际上）要更多依靠宏观审慎政策来确保金融市场整体的稳定，以避免类似的金融危机再次降临。

The financial crisis and the formation mechanism of policy measures,Which is to ensure that the financial market overall stable policy,By the international economic circle is called macro prudence.But the past is aimed at the specific financial institutions(If the individual bank)Risk assessment and regulatory policy is called the micro prudent policy."Macro prudent"A word,The first appeared in the 1970 s cook committee(Now responsible for banking supervision of the Basel committee's predecessor)On the meeting record.In 2008, the international financial crisis occurs,And the macro prudent policy discussion and research has increased dramatically.Especially in,Related speech/Academic report/The working papers appear in large Numbers,The basic idea is:All countries in the future(The international)Want to rely more on macro prudent policy to ensure the stability of the whole financial market,In order to avoid similar financial crisis comes again.

宏观审慎政策的理论研究框架 Macro prudent policy theory research framework

　　目前，国际机构及各国学术界对宏观审慎政策的研究，主要集中于三个方向：宏观审慎政策的目标及工具选择研究（宏观审慎政策的传递机理研究）；宏观审慎政策与货币政策的关系研究；宏观审慎政策的制度框架研究。

At present,International organizations and countries in the academic circle on the macro prudent policy research,Mainly focus on three directions:Macro prudent policy goals and tool selection research(Macro prudent policy transfer mechanism research);Prudent macroeconomic policies and the relationship between the monetary policy research;Macro prudent policy framework of research.

　　具体来说，一是什么是宏观审慎政策？如何定义和明确宏观审慎政策的目标框架？二是宏观审慎政策的边界和范围是什么？三是宏观审慎政策操作工具有哪些？如何使用这些工具？如何确保宏观审慎政策的有效性？四是宏观审慎政策是否是一个新的或独立的政策领域？由什么机构负责宏观审慎政策的实施？如何协调国内的各种宏观经济政策，包括货币政策、财政政策和宏观审慎政策的实施？国际间宏观审慎政策如何协调？

specifically,One is what is macro prudent policy?How to define and clear prudent macroeconomic policy goal framework?The second is the macro prudent policy boundary and the range is???????The third is prudent macroeconomic policies which have operators?How to use these tools?How to ensure the effectiveness of the macro prudent policy?The fourth is the macro prudent policy is a new or independent policy areas?What are the institutions responsible for the implementation of the policy of macro prudence?How to coordinate the domestic various macroeconomic policy,Including monetary policy/Fiscal policy and prudent macroeconomic policy implementation?International macro prudent policy how to coordinate?

　　根据国际货币基金组织2011年3月的报告，以及由欧洲金融稳定委员会、国际货币基金组织和国际清算银行联合为2011年G20峰会撰写的报告，宏观审慎经济政策的主要目标是“限制金融市场上系统性风险的形成”，以避免金融危机的发生。该政策着力于通过识别和评估金融市场以整体形态出现时所遭遇的系统性和全局性风险，以降低金融危机爆发的可能性及其对宏观经济的危害性。因此，如何识别和测量金融市场的系统性风险，对于宏观审慎政策的研究就显得尤为重要。

According to the international monetary fund in March 2011 report,By the European commission and financial stability/The international monetary fund and the international clearing bank combined for 2011 years G20 summit to write report,Macro prudent economic policy's main goal is to"Limited financial market systemic risk formation",In order to avoid the occurrence of financial crisis.The policy focus on through the identification and evaluation of the financial market to the overall form appeared encountered systematic and global risk,In order to reduce the possibility of financial crisis and the macro economic harm.so,How to identify and measure the financial market systemic risk,For macro prudent policy research is particularly important.

　　宏观审慎政策关注的是整个金融系统的稳定性，而不是个别金融机构的稳定，这是它与微观审慎政策的根本区别。虽然宏观审慎政策与货币政策有交叉，但目标和范围有明显的区别。货币政策的主要目标是保持价格稳定和增加就业，从而保证宏观经济的稳定增长。宏观审慎政策的分析范围应该是金融系统内所有系统风险的潜在来源，这包括整个金融体系的发展状况、金融体系与宏观实体经济的相互作用情况，以及国家间金融体系的相互影响。

Prudent macroeconomic policy concern is the stability of the financial system,Rather than individual financial institutions stability,This is it and micro prudent policy fundamental difference.Although the macro prudent policy and monetary policy have cross,But the goal and scope are obviously different.Monetary policy's main goal is to maintain price stability and increase employment,So as to ensure the stability of the macro economic growth.Macro prudent policy analysis range should be within the financial system all potential sources of systematic risk,This includes the development of the entire financial system/The financial system and macro economic entity interaction situation,Between countries and the financial system influence each other.

　　当前，宏观审慎经济政策的具体操作工具还在探索和研究中，工具箱虽不完备，但是大量的重要工具和指标已经出现。正确而恰当的工具选择，决定于对宏观审慎政策传递机理的深入研究，即具体的操作工具要依据金融体系内系统风险的形成机制而制定。根据国际货币基金组织的建议和其他国家的经验，目前可用于宏观审慎政策操作的工具包括：动态的信贷与资产价值比率、动态的债务与收入比、动态拨备、逆周期资本准备、对银行业非核心负债的限制、动态的银行业贷存比率限制、信贷和信贷增长上限、压力测试等等。

The current,Macro prudent economic policy concrete operation tools in the exploration and study,Kit is incomplete,But a lot of important tools and index has appeared.Correct and appropriate tool selection,Depends on the macro prudent policy transfer mechanism research,That is a concrete operation tools must be based on the financial system of the formation mechanism of the system risk set.According to the international monetary fund Suggestions and the experience of other countries,At present can be used for macro prudent policy operation tools including:Dynamic credit and asset value ratio/Dynamic debt and income ratio/Dynamic provision/Countercyclical capital preparation/The limitation of the liability of banking non-core/Dynamic banking loan-to-deposit ratio limit/Credit and credit growth limit/Pressure test and so on.

宏观审慎政策的国际实践 Prudent macroeconomic policies of international practice

　　在2008年国际金融危机爆发前，已经有一些国家进行了宏观审慎政策的操作实践，积累了宝贵的经验。危机发生后，各国特别是欧美国家加强了有关宏观审慎政策的框架建设和实际操作，并组建了专门的政策主管部门。

In the 2008 years before the outbreak of the international financial crisis,There have been some nations macro prudent policy operating practice,Accumulated valuable experience.Crisis after the occurrence of,All countries, particularly the European and American countries to strengthen the relevant macro prudent policy framework construction and practical operation,And set up a special department in charge of policy.

　　西班牙政府对银行业实行多年的动态拨备制度，为宏观审慎政策的操作提供了很好的例证。而新兴市场国家，如印度和中国，在宏观审慎监管的实施上也多有作为。就中国来说，虽然没有正式宣布实施宏观审慎管理，但中国人民银行一直以来对存款准备金率的严格控制、中国银监会对商业银行信贷增长的控制指标以及2007年发布的《商业银行压力测试指引》、中国政府对房地产价格的控制措施和限贷措施等，都是具体的宏观审慎监管实践。而印度实行从紧的资本和拨备要求，也取得了较好的保持金融稳定的效果。

The Spanish government for the banking industry for many years a dynamic provision system,For the operation of the macro prudent policy provides a good example.And emerging market countries,Such as India and China,In the implementation of the macro prudential supervision and much as.For China,Although not officially announced the implementation of the macro prudent management,But the people's bank of China has been on the strict control of the deposit reserve rate/The China banking regulatory commission to commercial bank credit growth control indicators and published in 2007[Commercial bank stress testing guidelines]/The Chinese government on real estate price control measures and limit credit measures, etc,Are specific macro prudential supervision practice.While India a tight capital requirements and provisions,Also achieved the effect of maintaining financial stability.

　　作为本次金融危机的重灾区，英国政府对金融监管体制进行了评估和重建，在2009年先后出台了《2009年银行法案》和《改革金融市场》白皮书。在金融监管制度上，英格兰银行成立了由央行总裁担任主席的独立于货币政策委员会的金融监管委员会，具体负责对金融市场稳定的监管工作。2009年后，英格兰银行在其半年一次的金融稳定报告中，都设有专门章节总结其宏观审慎政策的具体操作和执行情况。

As the financial crisis in the worst-hit areas,The British government to financial supervision and regulation system were evaluated and reconstruction,In 2009 has issued[In 2009, bank bill]and[Financial market reform]White paper.In the financial supervision system,The bank of England set up by the central bank as the chairman of independent of the monetary policy committee of the financial regulatory committee,Be responsible for the supervision of the stability of financial markets work.2009 years later,The bank of England in the semiannual financial stability report,There are special chapter summarizes the macro prudent policy concrete operation and implementation.

　　欧盟则成立了负责宏观审慎金融监管的机构“欧盟系统风险监管委员会”和微观审慎监管的“欧洲金融监管委员会”，两者相互补充，共同负责金融系统的安全稳定，并定期发布金融稳定报告。

The eu has established responsible for macro prudent financial supervision mechanism"The European Union system risk regulatory committee"And microstructure of the prudential supervision"The European financial regulatory committee",Both complement each other,Are jointly responsible for the safety and stability of the financial system,And regularly publish financial stability report.

　　在金融危机爆发后，美国彻底改变和重建了原有的金融监管框架和体系。2009年6月，美国政府公布的《金融监管改革新基础：重建金融监管》改革方案，在美国国会获得通过并经奥巴马总统签字生效，根据该法案成立的金融服务监督理事会开始运作。

After the outbreak of the financial crisis,The United States change and reconstruction of the original financial regulatory framework and system.In June 2009,The U.S. government announced[Financial regulatory reform new foundation:Reconstruction of financial supervision]Reform plan,In the United States congress passed by President barack Obama signed and effective,According to the law established financial services supervision board running.

中国宏观审慎政策研究的目标与建议 China's macro prudent policy research goal and the suggestion

　　金融危机爆发后，宏观审慎政策的研究已经成为有关金融监管和保持金融系统稳定、避免危机再次发生的国际重大宏观经济学课题。

After the outbreak of the financial crisis,Macro prudent policy research has become the financial supervision and regulation to keep the financial system stability/Avoid crisis happen again international important macroeconomics topics.

　　借鉴国外宏观审慎政策理论研究成果和实践经验，结合中国宏观政策的具体环境和中国金融市场的运行特点，探索和提出适合中国经济健康可持续发展的宏观审慎经济政策的理论体系和政策建议，是国内经济学界面临的迫切任务。为此，我们提出了如下进路。

Foreign macro prudent policy theory research results and practical experience,With China's macro policy of the specific environment and operation characteristics of the financial market of China,Exploration and put forward suitable for China's economic sustainable development of macro prudent economic policy theory system and policy Suggestions,Is the economic circle of the urgent task facing.therefore,We propose the following route.

　　一是建立能够识别形成中国金融市场系统性风险的指标体系，并能够准确测量这些指标。这是宏观审慎政策研究的基础。在此基础上，评估和分析这些指标作为宏观审慎政策的操作工具的可靠性，以及如何运用这些指标，从而建立中国宏观审慎政策的操作框架。

One is set up to identify form China's financial market systemic risk index system,And be able to accurately measure these indicators.This is the basis of macro prudent policy research.On the basis of,Evaluation and analysis of these indicators as macro prudent policy operation tool reliability,And how to use these indicators,Thus the establishment of China's macro prudent policy operation framework.

　　二是在给定的相关货币政策和财政政策制度下，我们的研究应该提出如何协调宏观审慎政策和其他宏观经济政策。特别是货币政策的操作，要在保持价格稳定的同时，避免金融市场系统性风险的形成，确保宏观调控政策在避免经济危机和金融危机两个方向上并行不悖。为此，相关研究要对我国现行的政策制度框架进行评估和分析，进而提出完善我国宏观审慎政策制度框架的具体建议。

The second is given in the related monetary policy and fiscal policy system,Our research should be put forward how to coordinate the macro prudence and other macroeconomic policy.Especially the operation of monetary policy,To maintain price stability at the same time,To avoid the formation of financial market systemic risk,Ensure that the macroeconomic regulation and control policy in avoiding the economic crisis and financial crisis two parallel direction.therefore,Related research to China's current policy system framework for evaluation and analysis,And then put forward to perfect our macro prudent policy system framework of specific Suggestions.

　　（作者为国家社科基金重点项目“国际金融危机与中国宏观审慎政策研究”负责人、山东大学副教授）

(The author for national social science fund key projects"The international financial crisis and China's macro prudent policy research"Person in charge/Shandong university associate professor)