Side-by-side Chinese-English

英国金融稳定治理框架:权衡、改革与启示

郑联盛1

(1.中国社会科学院金融研究所)

【摘要】金融稳定治理框架的目标是以治理安排为支撑来维系金融体系稳定性, 包括政策目标、赋权主体、政策工具、协调机制以及危机处置等要素, 呈现出单一机构体系、双支柱框架、新加坡模式和责任共担模式等政策实践。危机后, 英国对其金融稳定政策及治理框架进行了全面反思, 以应对金融稳定的内在挑战和完善金融稳定的治理安排, 并据此进行重大的制度改革。英国是全球危机10年来金融稳定体系建设和改革最为深远的经济体之一, 构建了以英格兰银行为核心主体, 货币政策、宏观审慎和微观监管三支柱相融合, 三个专业委员会相对独立决策, 突出宏观审慎政策主导功能的金融稳定治理体系。这为正在进行货币政策与宏观审慎政策双支柱政策调控体系建设以及金融监管体系改革的中国提供重要的政策参考。

【关键词】 金融稳定;治理框架;英国;三支柱;

【DOI】

【基金资助】 国家社科基金青年项目“西方国家金融危机与制度弊端分析研究” (14CJL017) ; 国家社科基金重点项目“中国金融体系的系统性风险与金融监管改革研究” (13AJY018) ;

UK’s financial stability governance framework: trade-off, reform, and implications

ZHENG Liansheng1

(1. Institute of Financing and Banking of Chinese Academy of Social Sciences)

【Abstract】The governance framework for financial stability, including policy objectives, mandates, tools, coordination, and crisis management, is to realize stability of financial systems. It presents four governance models, namely, single authority, two-pillar framework, Singapore model, and responsibility-sharing system. In the wake of the global financial crisis, the UK government comprehensively reassessed its financial stability policy and governance framework to cope with the inherent challenge of financial stability and improve governance arrangements for financial stability; and based on that, it has carried out major reforms of its financial stability policy and related governance framework. In the past 10 years, the UK has become one of the few economies that have conducted profound reforms in financial stability governance regime, which features the Bank of England as the core player, the integration of the three pillars of monetary policy, macroprudential management and micro-regulation, and three professional committees to make independent decisions to highlight the leading functions of macroprudential management policies. The experiences of the UK serve as insightful policy references for China, which is carrying out its financial regulatory reform.

【Keywords】 financial stability; governance framework; the UK; three pillars;

【DOI】

【Funds】 The National Social Science Fund of China (14CJL017); The National Social Science Fund of China (13AJY018);

Download this article
    Footnote

    [1]. [1] Zhou, X. Journal of Financial Research (金融研究), (1): 1–14 (2011); Turner, Adair. Economics After the Crisis: Objectives and Means, MIT Press, 2012, pp. 1–3. [^Back]

    [2]. [1] Li, H. Chinese Review of Financial Studies (金融评论), (5): 36–45 (2018); Zheng, L. Chinese Review of Financial Studies (金融评论), (4): 25–39 (2018). [^Back]

    [3]. [2] Zhou, X. http://finance.eastmoney.com/news/1350,20160624636880825.html [^Back]

    [4]. [3] Li, B. 构建货币政策和宏观审慎政策双支柱调控框架. Beijing: China Financial Publishing House, 267–273 (2018). [^Back]

    [5]. [1] Tucker, P. “Microprudential Versus Macroprudential Supervision,” Paper presented at Boston Federal Reserve Bank Conference, 2–3 October 2015. [^Back]

    [6]. [2] Bank of International Settlement (BIS), “Central Bank Governance and Financial Stability,” May 2011. [^Back]

    [7]. [3] IMF, FSB and BIS, “Elements of Effective Macroprudential Policies—Lessons from International Experience,” August 2016. [^Back]

    [8]. [1] Smets, F, “Financial Stability and Monetary Policy: How Closely Interlinked?,” International Journal of Central Banking, 10: 263–300, 2014. [^Back]

    [9]. [2] Masciandaro, D. and A. Volpicella, “Macro Prudential Governance and Central Banks: Facts and Driver,” Journal of International Money and Finance, 61: 101–119, 2016. [^Back]

    [10]. [3] Zheng, L. Chinese Review of Financial Studies (金融评论), (4): 25–39 (2018). [^Back]

    [11]. [4] Reserve Bank of Australia (RBA), Monetary Policy and Financial Stability in a World of Low Interest Rates, December, Sydney, 2017. [^Back]

    [12]. [1] After the reform in 2012, the Prudential Regulation Authority under the direction of the BOE but with independent operation was held accountable for macro prudence. In 2016, the Prudential Regulation Authority was turned into an internal department of the BOE through the reform. [^Back]

    [13]. [2] Bank of International Settlement (BIS), “Central Bank Governance and Financial Stability,” May 2011. [^Back]

    [14]. [1] Taylor, John B, “An Historical Analysis of Monetary Policy Rules,” in John B. Taylor (ed.) Monetary Policy Rules, Chicago: University of Chicago Press,1999. Bernanke, B. S & M. Gertler, “Should Central Banks Respond to Movements in Asset Prices?,” American Economic Review, 91 (2): 253–257, 2001. [^Back]

    [15]. [2] Blanchard O., G. Dell’ Ariccia & P. Mauro, “Rethinking Macroeconomic Policy,” IMF Staff Position Note, SPN/10/03, 2010. [^Back]

    [16]. [3] Bank of England, “Financial Services Act 2012,” December 19, 2012. [^Back]

    [17]. [4] King, M, “Twenty Years of Inflation Targeting,” Speech at the Stamp Memorial Lecture, London School of Economics, October 9, 2012. [^Back]

    [18]. [5] Yellen, J. L., “Monetary Policy and Financial Stability,” Speech at the 2014 Michel Camdessus Central Banking Lecture, Washington, D.C. July 2, 2014. [^Back]

    [19]. [6] Borio, C., “The Financial Cycle and Macroeconomics: What Have We Learnt?,” BIS Working Papers No. 395, 2012. [^Back]

    [20]. [1] Borio,C., & H. Zhu, “Capital Regulation, Risk-Taking and Monetary Policy: A Missing Link in the Transmission Mechanism,” BIS Working Paper No. 268, 2008. [^Back]

    [21]. [2] Woodford, M., “Inflation Targeting and Financial Stability,” Economic Review, 1: 7–32, 2012. [^Back]

    [22]. [3] King, M., “Twenty Years of Inflation Targeting,” Speech at the Stamp Memorial Lecture, London School of Economics, October 9, 2012. [^Back]

    [23]. [1] Taylor, J. B., “Remarks on Monetary Policy Challenges,” Economics Working Paper 13105, Stanford University, 2013. [^Back]

    [24]. [2] King, M., “Twenty Years of Inflation Targeting,” Speech at the Stamp Memorial Lecture, London School of Economics, October 9, 2012. [^Back]

    [25]. [3] Bordo, M and J. Taylor, Rules for International Monetary Stability, Hoover Institution Press, 2017. [^Back]

    [26]. [1]Bank of England, “Bank of England and Financial Services Act 2016,” May 4, 2016. [^Back]

    [27]. [1] Kohn, D., “Implementing Macroprudential and Monetary Policies: The Case for Two Committees,” presentation at FRB Boston Conference, October 2, 2015. [^Back]

    [28]. [2] Bank of England, “Financial Stability Strategy,” September 2017. [^Back]

    [29]. [1] Bank of England, “Banking Act 2009,” February 12, 2009. [^Back]

    [30]. [2] Bank of England, “Financial Services Act 2012,” December 19, 2012. [^Back]

    [31]. [3] Bank of England, “Bank of England and Financial Services Act 2016,” May 4, 2016. [^Back]

    [32]. [4] Before 2016, as an institution attached to the BOE, decisions on policies made by the Prudential Regulation Authority could be divided into two aspects: one is instructions given by the Financial Policy Committee of the BOE; the other is the policymaking of the Council of the Prudential Regulation Authority. [^Back]

    [33]. [1] Bank of England, “Changes to the Bank of England,” Quarterly Bulletin, Q1, 2017. [^Back]

    [34]. [2] Bank of England, “Bank of England Act 1998,” July 3, 2018. [^Back]

    [35]. [1] King, M, “Twenty Years of Inflation Targeting,” Speech at the Stamp Memorial Lecture, London School of Economics, October 9, 2012. [^Back]

    [36]. [2] Bank of England, “The Financial Policy Committee’s Framework for the Systemic Risk Buffer,” January 29, 2016. [^Back]

    [37]. [1] Vickers, J., “The Systemic Risk Buffer for UK Banks: A Response to the Bank of England’ s Consultation Paper,” Journal of Financial Regulation, 2: 264–282, 2016. [^Back]

    [38]. [2] Prudential Regulation Authority, “PRA Statement on the Interaction between the PRA Buffer and the CRD IV Combined Buffer,” March 2016. [^Back]

    [39]. [3] Building societies in the UK refer to a type of financial institution offering services and loans, jointed funded by members. For the most part, their working mechanism is to turn savings of members into loans, similar to Credit Unions in the US. Such institutions play an important role in the financial system in the UK, among which the Nationwide Building Society is the fourth largest institution in terms of residential mortgage loan. [^Back]

    [40]. [1] Brunnermeier, M and Y Sannikov, “A Macroeconomic Model with a Financial Sector,” American Economic Review, 10: 379–421, 2014. [^Back]

    [41]. [2] In accordance with the Bank of England Act 1946, as far as national interests were concerned, based on negotiation with the president of the BOE, the HM Treasury were entitled to give instructions to the BOE. In the Bank of England Act 1998, adjustment on rights enjoyed by the HM Treasury was made, which deprived the right of the HM Treasury to give instructions on monetary policy to the BOE with a view to improving independence of monetary policy made by the central bank. [^Back]

    [42]. [1] Zhou, X. http://finance.eastmoney.com/news/1350,20160624636880825.html [^Back]

This Article

ISSN:1007-0974

CN: 11-3799/F

Vol , No. 02, Pages 142-159+8

March 2019

Downloads:2

Share
Article Outline

Knowledge

Abstract

  • 1 Governance framework for financial stability: content and practice
  • 2 Governance framework for financial stability in the UK: trade-off and integration
  • 3 Governance framework for financial stability in the UK: practice of policies
  • 4 Conclusions and implications
  • Footnote