2016年-BIS国际清算银行_Elements_of_effective_macroprudential_policies_-_lessons_from_international_experience_22页_441kb

报告摘要

Summary of IMF-FSB-BIS Elements of Effective Macroprudential Policies

Core Content

This document outlines the key elements and practices of effective macroprudential policy, drawing on international experience and empirical research. It emphasizes the importance of institutional arrangements, operational considerations, and international consistency in the design and implementation of macroprudential frameworks.

Main Objectives of Macroprudential Policy

Macroprudential policy aims to:

Increase the resilience of the financial system to aggregate shocks.
Contain the build-up of systemic vulnerabilities over time by reducing procyclical feedback between asset prices and credit, and by curbing unsustainable leverage and debt.
Control structural vulnerabilities arising from interconnectedness, common exposures, and the role of key intermediaries in the financial system.

It is distinct from microprudential regulation, which focuses on individual institutions, and from capital flow management, which targets the volume and composition of capital flows.

Key Elements of Effective Macroprudential Policy

1. Definition and Scope

Macroprudential policy uses prudential tools to limit systemic risk, which refers to the risk of widespread disruption to financial services that can have serious negative consequences for the real economy. It addresses both time-related (build-up of risks over time) and cross-sectional (distribution of risk within the system) vulnerabilities.

2. Institutional Arrangements

Mandate, Governance, and Accountability: A clear mandate is essential for effective macroprudential policy. It often involves a central body with significant convening power and the ability to take a broad view of the financial system.
Roles of Key Institutions:
- Central Banks: Often play a central role, either as the decision-making body or by providing analysis and recommendations.
- Regulatory and Supervisory Authorities: Are involved in the implementation of macroprudential measures and the supervision of individual firms, especially SIFIs.
- Ministry of Finance: Participates in some countries to provide political legitimacy and to ensure cross-policy coordination.
External Experts: May be included as voting members or advisors to enhance decision-making with independent perspectives.
Transparency and Accountability Mechanisms: Help establish legitimacy and commitment to action, often through regular reporting and communication strategies.

3. Powers of Macroprudential Authorities

Hard Powers: Direct control over macroprudential tools or the ability to direct other regulatory authorities.
Semi-Hard Powers: Formal recommendations with a 'comply or explain' mechanism.
Soft Powers: Expressing opinions or recommendations without enforceability.
A combination of these powers is often more effective than relying on a single type.

4. Domestic Cooperation

Information Sharing: Legal obligations or memoranda of understanding between authorities to ensure cooperation.
Collaborative Structures: Standing subcommittees, ad hoc working groups, and overlapping memberships help coordinate efforts.
Role Clarity: Including financial stability among the objectives of member agencies promotes cooperation and alignment of policy actions.

Operational Considerations

1. Analysing and Monitoring Systemic Risk

Early Warning Indicators: Tools like the "credit-to-GDP gap" and mortgage debt growth are used to detect risks before they materialize.
Resilience Indicators: Measures such as leverage ratios, debt-service burdens, and interest coverage ratios are used to assess the system's ability to withstand shocks.
Stress Testing: Helps evaluate the system's resilience under adverse scenarios and complements early warning indicators.
Guided Discretion: Metrics are used to inform, rather than dictate, policy decisions.

2. Identifying and Establishing Policy Tools

Capital-Based Tools: Include dynamic provisioning, countercyclical capital buffers, and leverage ratio caps.
Asset-Side Tools: Such as loan restrictions (e.g., LTV, DSTI, LTI) to limit risk exposure in specific sectors.
Liquidity-Related Tools: Aim to manage liquidity and FX risks, including reserve requirements, LCR, and core funding ratios.
Contagion Mitigation Tools: Include capital surcharges for SIFIs, loss absorbency requirements, and risk-weight adjustments.

3. Operationalising the Use of Tools

Calibration of Policy Responses: Tailored to the specific risk profile, with a balance between forceful and gradual approaches.
Ex Ante and Ex Post Evaluation: Tools should be assessed for potential leakage and their impact should be monitored and evaluated after implementation.
Flexibility: Consideration of when and how to relax tools, depending on economic conditions.
Enhanced Information Base: Continuous improvement of data and analytical frameworks is crucial for informed decision-making.

International Consistency

Macroprudential policy must be consistent across countries to ensure coordinated and effective responses to global financial risks. This includes aligning with international standards and frameworks, such as those from the Basel Committee and the FSB, and promoting cooperation in areas like central clearing of OTC derivatives and the resilience of market infrastructures.