宏观审慎管理与微观审慎监管：金融监管政策协同机制的构建

范从来; 林键; 程一江

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November 2022

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Citation: Conglai FAN, Jian LIN and Yijiang CHENG. Macro Prudential Management and Micro Prudential Regulatory: Construction of Policy Coordination Mechanism[J]. Academic Monthly, 2022, 54(9): 35-45. shu

Macro Prudential Management and Micro Prudential Regulatory: Construction of Policy Coordination Mechanism

Abstract

After the 2008 financial crisis, countries generally accelerated the pace of financial regulatory reform, constantly strengthened the concept of macro-prudential management, and paid more attention to the coordination with micro-prudential supervision. However, the practice of international financial regulation in the past 20 years shows that macro-prudential policies emphasize aggregate regulation, but often ignore the solution of structural problems. In the absence of micro-supervision, macro-prudential management often falls into the “last mile” problem. Since the 2017 National Financial Work Conference, China has strengthened the exploration and practice of macro and micro policy coordination in establishing top-level institutions. In 2020, we won great victories in the battle against financial risks and epidemic prevention, and achieved the only positive economic growth among the world’s major economies that year. Based on high quality new era of economic development, our country financial regulation coordination is still the rule of law construction lag, policy objectives, loss of calibration system, the problem such as poor information sharing, need to use for reference the experience of the international financial regulatory reform, adhere to the Chinese characteristics and problems of the guidance, to speed up the perfect modern financial regulatory system with Chinese characteristics.
- macro-prudential,
- micro-prudential supervision,
- coordination mechanism
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Macro Prudential Management and Micro Prudential Regulatory: Construction of Policy Coordination Mechanism

Available Online: 2022-09-20

Abstract: After the 2008 financial crisis, countries generally accelerated the pace of financial regulatory reform, constantly strengthened the concept of macro-prudential management, and paid more attention to the coordination with micro-prudential supervision. However, the practice of international financial regulation in the past 20 years shows that macro-prudential policies emphasize aggregate regulation, but often ignore the solution of structural problems. In the absence of micro-supervision, macro-prudential management often falls into the “last mile” problem. Since the 2017 National Financial Work Conference, China has strengthened the exploration and practice of macro and micro policy coordination in establishing top-level institutions. In 2020, we won great victories in the battle against financial risks and epidemic prevention, and achieved the only positive economic growth among the world’s major economies that year. Based on high quality new era of economic development, our country financial regulation coordination is still the rule of law construction lag, policy objectives, loss of calibration system, the problem such as poor information sharing, need to use for reference the experience of the international financial regulatory reform, adhere to the Chinese characteristics and problems of the guidance, to speed up the perfect modern financial regulatory system with Chinese characteristics.

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通讯作者: 陈斌, bchen63@163.com

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