The Research About The Macro-prudential Supervision Of The Systemic Risk In The Banking Of China

Most of the countries realize the importance of Macro-prudential supervision afterthe global financial crisis. And they believe that Macro-prudential supervision is the wayto prophylaxis the systemic financial risks. And then America、England and EuropeanUnion carried out financial regulatory reform. They build a macro-prudential regulatoryframework to prophylaxis the systemic financial risks and maintain the stability of thefinancial market. The International Organization——Basel Committee——issued <BaselAccord Ⅲ>, it introduced the counter-cyclical regulatory theory and it strengthened themacro-prudential supervision to commercial banks. In China, the financial system is alsofacing an increasingly complex financial environment that to prevent systemic financialrisks becomes our target of financial supervision. So, to construct the macro-prudentialregulatory framework is the inevitable trend.Firstly, the paper describes the previous research on the theory of macro-prudentialsupervision, and then discusses the meaning of macro-prudential supervision and thedifference between macro-prudential and micro-prudential supervision, analyzes themain theories of the macro-prudential supervision from three respects of theprocyclicality of the financial system, the association between financial institutions andthe fragility of the financial system. All these laid a theoretical foundation to analyze themacro-prudential regulatory framework.Secondly, the paper analyzes the practice of the macro-prudential supervisionconducted by the Basel Committee, the United States, Britain and the European Union,summed up their experience in the practice: set up a special macro-prudential regulationagency; monitor and prevent the systemic financial risks; strengthen the role of centralbanks in macro-prudential supervision; improve the standard of regulatory; strengthenthe protection to the financial consumer.Finally, the paper analyzes the effect of macro-prudential measures empirically, andproposed the suggestions to improve the macro-prudential regulatory framework on thisbasis. The empirical analysis shows that the ability of the financial system to withstand systemic financial risk is gradually improving after the implement of a series ofmacro-prudential measures beyond2009. The macro-prudential measures harvest someeffect in the short terms. On this basis, the paper puts forward that we should set up aspecial macro-prudential regulatory agency. And then, the paper proposed thesuggestions on the macro-prudential analysis system, the supervision of systemicallyimportant financial institutions and the macro-prudential tools.