论文标题:中央银行在金融稳定中的作用
On the Role of Central Bank in Financial Stability
论文作者
论文导师 李天德,论文学位 博士,论文专业 世界经济
论文单位 四川大学,点击次数 205,论文页数 280页File Size16712K
2007-04-18论文网 http://www.lw23.com/lunwen_7680502/
Central Bank;; Financial Stability;; Assment of financial stability;;Monetary Policy;; Coordination
在经济全球化进程的带动下，金融全球化也不断加快发展。金融业的国际化和全球化发展一方面极大地促进了世界各国经济的增长，但同时也为各国金融体系带来了巨大的挑战和风险。因为全球化导致金融不稳定的因素不断增多并日趋复杂，加大了金融体系潜在不稳定性。金融危机的频繁爆发便是金融体系不稳定程度明显加大的一个很好的证明。因此，各国政府和国际金融组织都高度重视维护金融体系的整体稳定，对金融稳定这一课题的研究正在全球范围形成一种趋势，成为一个世界性课题。 从中央银行发展的进程来看，无论其是否承担金融监管职能，其维护金融稳定的职责是始终如一的。在货币政策职能与金融监管职能两者分离的情况下，其维护金融稳定的职能不仅没有被削弱，反而有所加强。然而，什么是“金融稳定”?金融稳定有哪些内涵?中央银行在维护金融稳定过程中发挥哪些作用?如何协调中央银行与金融稳定相关职能部门之间的关系以确保实现金融稳定?相关的金融法律、法规中并没有就上述问题给出明确的答案，即使是理论界也还不能很好地回答这些问题。解决好上述问题，不仅有理论探讨上的意义，而且能够帮助中央银行在实施维护金融稳定过程中能够对自己的责任与义务有一个较为准确的定位，更加有效地推动央行金融稳定工作。 本文在探讨分析中央银行在金融稳定中的作用时，主要分为以下几个方面： 第一，相关概念的界定。这部分首先对金融、稳定以及金融稳定的概念进行了梳理和界定，其次分析了与“金融稳定”这一概念相关的“银行稳定”、“宏观经济稳定”、“货币稳定”等概念，并将金融稳定的概念与这些概念进行了比较分析。随后阐述了在当前大背景下，维持金融体系的稳定的重要意义。 第二，在对金融稳定这一概念有了全面理解的基础上，提出了关于金融稳定的一般理论，分别从马克思主义关于货币金融不稳定行的论述以及西方经济学对于金融稳定的宏观和微观研究对与金融体系稳定性相关的理论进行分析，通过理论分析，清楚了解导致金融不稳定的根本原因，而这些导致不稳定的因素是宏观经济以及金融体系自身所不能消除的，从而认为在金融稳定工作中引入政府的宏观管理是必要的。 第三，分析了中央银行作为政府的宏观金融调控管理的主要机构履行金融稳定职能起源与发展。伴随着中央银行的建立与发展，稳定逐渐发展成为各国中央银行所追求的首要目标，金融体系的稳定作为追求的目标之一，经历了最后贷款人阶段、存款保险制度阶段、金融安全网阶段以及现在的全面金融稳定框架阶段。在最后的全面金融稳定框架阶段，履行金融稳定职责对央行提出了更高的要求，这一全面框架要以前面阶段央行为实现金融稳定而采取的措施为基础，重点加强金融稳定的评估监测、货币政策的研究制定以及金融稳定的协调。 第四，分析了中央银行的金融体系稳定性评估，主要是分析了国外用于监测金融体系稳定状况的宏观和微观审慎指标体系，这是央行进行金融稳定评估的基础。同时还阐述了央行金融稳定评估的流程。通过对这些分析，希望能够对我国金融稳定的评估体系构建产生一定的启发意义。 第五，对作为货币政策制定与执行的中央银行在制定和实行货币政策时如何处理与金融稳定职能的关系进行分析。本章首先分析了作为公共政策的金融稳定政策与货币政策的关系以及具体阐述了金融稳定与货币稳定之间的关系，进而阐述了在货币政策的制定与实施中融入金融稳定的思想。 第六，从为有效维护金融稳定必须实施积极协调出发出发，首先分析了金融稳定协调的理论基础，然后具体分析了在金融稳定协调过程中，中央银行与金融监管机构、财政部门的协调以及国际协调，通过中央银行为主导的积极协调，促进金融体系稳定健康发展。 第七，在理论分析的基础上，探讨了促进我国中央银行履行金融稳定职能的措施建议。首先分析当前影响我国金融稳定的主要因素以及人民银行金融稳定工作的现状，然后提出了改进人民银行金融稳定工作的措施建议。 本文主要的创新主要有： 1、本文对金融稳定的概念进行了详细的分析，概括出金融稳定的内涵与特征，最终得出结论：金融稳定是指一个国家或地区的金融体系处于能够有效发挥其关键功能的状态，在这一状态下，金融与经济协调发展，金融机构、金融市场和金融基础设施能够有效发挥资源配置、风险管理、支付结算等关键功能，在受到不稳定因素冲击下，仍然能够保持这些功能的稳定发挥。因此，它是一个具有丰富内涵的、动态的概念，体现了资源配置不断优化的要求，以及服务于经济、金融发展的根本目标。 2、保持货币稳定和金融稳定是现代中央银行的两大任务。本文在分析两者关系以及货币政策和金融稳定政策的基础上，提出应当在货币政策的设计中考虑金融稳定因素，以便中央银行能够在较长时期内在实现货币稳定的同时实现金融体系的稳定。 3、对实现金融体系稳定的协调机制提出了具体的探索性分析。本文认为，从中央银行的角度来看，旨在实现金融稳定的协调机制应包括中央银行与金融监管机构、财政部门之间的协调以及国际间的协调，并相应具体分析了各协调的内容和协调形式的具体安排。 4、本文探寻了金融稳定评价指标体系的构建，并提出采用多层次综合模糊评价方法来评估金融体系的稳定。 5、本文认为，当前我国金融体系在总体上是稳定的，但金融体系中仍然存在影响金融体系稳定如经济结构与经济增长方式、金融结构等方面的因素。一直以来，中国人民银行也在为维护我国金融体系稳定、防范金融风险方面发挥主导作用，但也存在一些问题，如央行金融稳定职能边界模糊，相应的法律、法规缺失，缺乏制度性协调机制，以及很多涉及金融稳定的基础工作不到位。面对这样一种状况，本文提出完善法律、法规体系，加强货币政策的研究与制定，深化金融体制改革，完善信用体系等方面的措施建议。 有待进一步深入研究的问题主要包括：一是国际金融组织制定的金融稳定评估标准以及办法在各个国家的适用性问题，特别是在建立我国的金融稳定自我评估计划方面；二是对于货币政策设计制定过程中，金融稳定因素的考量，可以考虑是否能够从数量分析或(和)模型设计的角度进一步深入，以便得出适用范围较广的融入金融稳定因素的货币政策模型；三是中央银行维护金融稳定的微观具体框架以及制度安排有待进一步研究。
driven by the development of economy globalization, financial globalization develops fast. Financial internationalization and globalization accelerate the increasing of economy of the world, but it brings growing complicated factors of financial instability at the same time, which enlarge the financial instability. The frequent happening of financial crisis is the evidence of increasing of financial instability. Thus, the government of each country and the international finance corporation attach importance to the whole stability of financial system. The study of financial stability is becoming the current of the world and an international question for discussion. Viewing from the developing course of central bank, no matter the central bank being charged with the function of financial supervision or not, central bank function of maintaining financial stability is uniform. Under the circumstance of monetary policy function and financial supervision function separated, central bank strengthens the function of financial stability. Nevertheless, what is financial stability? What are the connotations of financial stability? What role does the central bank play in the course of maintaining financial stability? The relative finance law and statute do not give a clear answer of these problems, and there is not a good answer even in theory field. Resolving the above-mentioned problem does not only have the meaning of theory discussion but also help central bank orient its accountability properly during the course of maintaining financial stability and impel central bank"s work of financial stability effectively. This article consists following parts. First, definition of relative concepts. The author defines concepts stability and financial stability. Then it compares the concepts between financial stability & bank stability and macro-economy stability and monetary stability. At last ,it presents the great importance of maintaining financial stability. Second, based on the comprehension of financial stability, the author presents the common theory on financial stability, which analyzes the financial stability theory with the views on financial stability of Marxism and the viewpoint of macroeconomics and microeconomics. Through theory analysis, we could realize the fundamental reasons inducing financial instability, which are indelible by itself in financial system. So it"s essential introducing finance management of government in the work of maintaining financial stability. Third, the author presents genesis and development of financial stability function of central bank. With the development of central bank, stability has became chief object of every central bank. The financial stability is being worked as one of the aim, which experiences lender of last resort、deposit insurance、financial safety net and comprehensive framework for financial stability mow. In the last phase, the function of maintaining financial stability brings forward higher request, this phase must be based on the measures for maintaining financial stability formerly done by central bank, and emphasize the assessment of financial stability、designing of monetary policy and coordination for financial stability. Fourth, the author presents the financial stability assessment program, mainly on macro and micro prudential index system on assessing financial stability, which is the foundation of assessment of central bank. The author also expounds on the financial stability assessment process. Based on the analysis, it is hoped to promote the establishment of assessment system of our country. Fifth, the author analyzes the relation between the function of financial stability and the designing of monetary policy. First, it presents connection of the monetary policy and financial stability policy, then the relation between financial stability and monetary stability.second; it presents the thoughts of bringing financial stability into the design of monetary policy. Sixth, starting from that central bank must coordinate actively in order to maintain financial stability, it presents the fundamental theories of financial stability coordination, then it detailedly analyzes the coordination between central bank and financial supervision、treasury and international coordination. Seventh, after the theoretic analysis, the author probes into the suggestion of promoting central bank"s work of financial stability in china. It presents the factors affecting china"s financial stability and the actuality of china"s central bank"s financial stability work, and then it gives suggestions. The innovative thoughts raised in the author include the following items. First, the author presents a detailed discussion on the definition of financial stability, studies the connotation and character of financial stability, then concludes that financial stability is an estate that one country"s financial system could exert it"s core function effectively, in this condition, finance assorts with economy,finance institution、finance market and basic establishment of finance could play key role in risk management、payment and settlement, and financial resource collocation. Thus, it"s an dynamic concept full of connotation, which embodies the request of optimizing financial resource collocation, the ultimate aim of serving the development of finance. Second, keeping the stability of financial system and currency is two main tasks of modern central bank, the author puts forward that design monetary policy should consider financial stability after the analysis, so that central bank could achieve the financial stability and at the time the currency stability. Third, the author explores into the mechanism of coordination for financial stability and argues that the mechanism should include coordination between central bank and financial supervising institution、coordination between central bank and treasury、international coordination, after that the author presents the detailed content and arrangement of coordination. Fourth, this article inquires about the target system construction of financial stability, and proposes the using of the multi-level synthesis fuzzy assessing method to assess financial stability. Fifth, this article believes that, our current finance system in the overall is stable, but factors affecting financial stability such as economic structure,economy growth way, financial structure and so no still exists in financial system.Since continuously,the People"s Bank of China plays a key role in maintaining our financial stability and keeping lookoue finance risk , but also has some problems, like the central bank financial stability function boundary is fuzzy, the corresponding law and regulations flaw, lacking the institutional mechanism of coordination, as well as something about the financial stability foundation work being short of. Facing this kind condition, this article proposes measure suggestion like the consummation of law and regulations system, strengthening the research of monetary policy, the deepening financial system reform and perfecting credit system. Problems left to further study are: First is how to implement the assessment of financial stability into each country, especially china"s own assessment program; second is the use of quantitative study and model design in monetary policy design considered financial stability and then applicable to come into the financial stability mode of the monetary policy factor; Third, the central bank"s maintaining financial stability framework and the development of specific arrangements should be further studied.
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