Research On My Country's Two-pillar Regulatory Framework: Theoretical Evolution And Policy Practice

The outbreak of the international financial crisis in 2008 prompted all parties to re-examine the monetary policy and regulatory framework before the crisis,thus the macro-prudential policy began to attract wide attention.After the financial crisis,many countries and economies have carried out the reform of financial supervision system that introduced macro-prudential policy,and the effectiveness of macro-prudential regulation has been unanimously recognized.However,there is no unified conclusion on how to achieve the most effective coordination between macro-prudential policy and monetary policy in academia.In this round of financial crisis,China's financial system resisted risks,but also suffered some shocks.Problems such as the lack of overall coordination mechanism and insufficient prevention of systemic risks in the regulatory structure of the "one China,three meetings" in financial supervision were exposed.In draw lessons from the financial crisis and experience,on the basis of the people's bank of China began earlier macro-prudential policy exploration,by introducing difference reserve dynamic adjustment mechanism and "upgrade" macro-prudential evaluation system,set up the financial stability board,led by establishing a series of measures such as financial supervision coordination joint inter-ministerial meeting system,build up to match the monetary policy of the macro-prudential policy framework.In his report to the 19 th CPC national congress,general secretary Xi Jinping stressed the need to "improve the two-pillar regulatory framework of monetary policy and macro-prudential policy",which pointed out the direction and raised higher requirements for the further coordination of macro-prudential policy and monetary policy in China.The establishment of the financial stability and development commission of the state council in 2017 marks a new stage in policy coordination of China's two-pillar regulatory framework.Based on this,this article embarks from the macro-prudential theory research results,combined with the practice of double pillar regulation framework in China and other countries experience for macro-prudential regulation reform,attempt from the perspective of policy implementing subject,target and implementation cycle of macro-prudential policy and monetary policy coordination problems,and to logic as the main line to render the macro-prudential management in the aspect of theory and practice experience,necessity and effectiveness of recognition phase,finally,how to implement a more efficient monetary policy and macro-prudential policy coordination with certain operational policy Suggestions are put forward.The structure of the paper is as follows:The first part is the introduction.The main topic is the background and significance of research methods and innovation and deficiencies.The second part sorts out the theoretical research progress of macroprudential at home and abroad,takes the concept of macroprudential as the starting point,and then discusses the necessity and effectiveness of implementing macroprudential policies,laying a theoretical foundation for the following summary and analysis.The third part is a summary of our country from the implementation of macro-prudential policy to the establishment of a two-pillar regulatory framework exploration and practice.This paper summarizes the historical process from the implementation of macro-prudential supervision to the construction of the two-pillar regulatory framework in China,discusses the basis and significance of the establishment and improvement of the two-pillar regulatory framework in China,and provides a realistic background for the later study on the coordination between monetary policy and macro-prudential policy.China's macro-prudential policy has achieved good results,and some exploration and innovation have taken the lead internationally,providing valuable experience for the whole world.The fourth part analyzes the key areas of monetary policy and macro-prudential policy coordination in the two-pillar regulatory framework.The key areas of policy coordination include the coordination of policy implementation subjects,implementation period and policy objectives.The fifth part analyzes the exploration experience of macro-prudential management in western countries.Through sorting out the exploration of promoting macro-prudential reform and implementing macro-prudential supervision in the United States,the United Kingdom and Germany,this paper summarizes the defects existing in the macro-prudential governance framework of these countries and the experience that can be used for reference.The sixth part is to perfect our country two-pillar regulation framework to give policy Suggestions.From the point of view of the interrelation between the coordination fields of monetary policy and macro-prudential policy,this paper puts forward the Suggestions that the financial stability point development committee of the state council,as the main body of coordination,should give full play to the regulatory role,coordinate policy objectives flexibly through the discretionary mechanism,and accurately grasp the cyclical change trend of policy implementation.