Paul Lachine

政策联姻的回归

发自华盛顿特区——不久之前,许多国家都热衷于将金融监管和货币政策分割开来。其中有几个国家——比如英国和澳大利亚——走得更远,它们将这些职能分离出来并把维护金融稳定的责任委派给特定机构,使其中央银行能摆脱相关金融监管事务。但在最近对全球金融危机的重新检讨中,金融监管和宏观经济管理这两项职能却又被迫重新整合起来。

这种回潮是源自于一种不断加深的认识,认为宏观经济管理和金融监管都必须考虑资产价格周期的因素。在危机之前,许多人都认为资产价格周期是一种基本无害,或者至少是相对较不显著的货币政策渠道。即便是在资产价格泡沫频繁出现的时候,大多人依然相信这些泡沫是不可能——甚至不应该——被提早发现并消除的。而一旦泡沫爆破,利率削减将是一个保护经济的安全之策。

主流的政策蓝图大概是这样的:那些致力于控制通胀的货币主管部门已经足以维持物价稳定并保证经济以其潜在速率增长。在金融监管方面,只要确保金融机构能遵守一套健全的谨慎规则,确保其资本缓冲能力能与所承担风险相对称,那么稳定也是保证的。当中央银行负责保证系统中有充足流动性的时候,所谓“微观谨慎”的 金融监管应当独立监督金融机构的稳健性并对存款人进行保护。

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