金融体系的结构脆弱性及其系统性风险

被引：17

作者：

许友传

机构：

[1] 复旦大学经济学院

来源：

复旦学报(社会科学版) | 2018年 / 60卷 / 04期

关键词：

系统性风险; 金融脆弱性; 金融失衡; 货币政策; 宏观审慎监管;

D O I：

暂无

中图分类号：

F832 [中国金融、银行];

学科分类号：

摘要：

系统性风险有跨截面维度和时间维度两种表现形式,它们分别与"金融脆弱性"和"金融失衡"两种诱因强相关。本文以系统性风险的表现形式及其诱因为主轴,按照金融体系脆弱性的识别或预警、金融体系的脆弱性及其风险扩散机制、金融失衡及其宏观审慎监管、金融失衡与货币政策调适的总体脉络进行了文献综述,提出了系统思考诸此问题的理论架构。本文理论框架包括四大维度:识别金融体系的结构脆弱性因素,构建前瞻性的模型识别或预警方法;评估系统重要性机构的风险溢出、扩散和传染机制,构建市场危机情景下的监管救助和自救策略;研究金融失衡的渐进累积与阶段性释放特点,构建宏观审慎监管的特别应对措施;探寻货币政策框架内嵌金融失衡的合理途径,构建"增强型货币政策规则"和"宏观审慎型货币政策规则"等,且每个维度内嵌了诸多兼具现实背景和理论价值的具体问题,这对识别、预防和管控金融体系的系统性风险或有启发。

引用

页码：129 / 141

页数：13

共 38 条

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