From Micro-prudential to Macro-prudential:Theoretical Evolution and Practical Path
Since the international financial crisis in 2008,most countries has recognized the importance of es-tablishing a macro-prudential supervision system.By analyzing the origin and development of the micro-regulato-ry system,this paper studies the positive and negative effects of the original regulatory system in all respects from policy assumptions to enforcement tools.It summarizes the theoretical basis and policy tools of macro prudential pol-icy.By constructing a closed economy and static New Keynesian model,it has been found that implementing macro prudential policies requires a trade-off between output and inflation.From the perspective of overall social wel-fare,macro prudential policies can indeed avoid financial imbalances,especially when the economy falls into a fi-nancial pro cyclical state.Macro prudential policies can effectively improve the imbalance of the economy and en-hance social welfare.
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维普
