Abstract:
Since the global financial crisis in 2008, a renovation and reform of financial stability regime is the introduction of Macro-Prudential Management Framework. After reviewing relevant academic literatures and examining the limitations of central bank's traditional objectives and policy instruments, the paper demonstrates the framework that the central bank can use to coordinates the monetary policy and Macro-Prudential regulatory policy. The main conclusions are as follows: First, Macro-prudential regulatory policies, aiming at counter-cyclical regulation and preventing systemic financial risks, can be effectively implemented only if they are supporting by liquidity management. Second, development of financial industry and information technology make the liquidity management face the general equilibrium requirements, so that the central bank should not only care about the inflation target, but also concerned about the flexible financial asset prices system. Third, financial risk determines that the crisis is a probability event, and the financial rescue determines the moral hazard is an inevitable event. In that sense, the financial system stability, financial innovation and zero moral hazard is the new“impossible trinity” in the financial system. Fourth, highly efficient liquidity management is one of the pivotal instruments that can effectively identify systemic financial risk beforehand while preventing SIFIs collapses afterwards. Based on the management of liquidity, the central bank can stabilize the financial asset price system, can effectively manage the macro economy, and achieve the goal of prudent financial management. Fifth, under the influence of financial innovating, real time liquidity payment system will act as financial regulation information provider, taking place of traditional ex post facto statistical system.
陆磊, 杨骏. 流动性、一般均衡与金融稳定的“不可能三角”[J]. 金融研究, 2016, 427(1): 1-13.
LU Lei, YANG Jun. Liquidity, General Equilibrium and “Impossible Trinity” in Financial Stability. Journal of Financial Research, 2016, 427(1): 1-13.
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