Macroprudential policies should not only be firmly and steadily tightened when risks accumulate,but also effectively relaxed in a timely manner when risks become apparent.Most of the existing research focuses on the former,and there are relatively few studies on the latter,which is also of great practical significance for im-proving the macroprudential policy framework,preventing systemic financial risks,and improving the ability of counter-cyclical adjustment.This paper discusses the connotation,mechanism and constraints of macroprudential policy easing,combs through the international practice of macroprudential policy easing before and during the CO-VID-19 epidemic,and scientifically evaluates the policy effect based on 66 countries'data using econometric models.On this basis,this paper summarizes the useful experience in implementing macroprudential policy eas-ing,analyzes the current situation and problems in China's macroprudential policy easing practice,and puts for-ward policy recommendations.It finds that macroprudential policy easing could achieve policy objectives through such transmission channels as stabilizing the credit market,safeguarding financial operations,guiding positive ex-pectations and generating externalities,but it also faced a number of constraints.Overall,the implementation of macroprudential policy easing during the epidemic significantly eased the economic and financial pressures brought about by the epidemic shock,with the easing effect of the countercyclical capital buffer tool being relative-ly prominent.Effectively accumulating buffers,guarantee buffer releasing and grasping the policy scale are impor-tant factors in improving the effectiveness of macroprudential policy easing.China has explored and carried out macroprudential policy easing practices with rich content and distinctive features,but there are still issues such as policy potential to be released,policy toolkit still needs to be enriched and perfected,policy horizons need to be ex-tended to the non-banking financial sector,and the ability of policy to deal with nontraditional risks needs to be improved.Combined with the actual macroprudential management in China,this paper puts forward policy sugges-tions from four aspects,including improving and perfecting the implementation mechanism of macroprudential pol-icy easing,dredging up the transmission channels of macroprudential policy easing,grasping the operational scale of macroprudential policy easing,and consolidating the reserve of macroprudential policy easing tools.
NETL
NSTL
万方数据
