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Research on Financial Macro-prudential Regulatory Framework in Post-crisis Era

Author: ChenLiang
Tutor: LiuShuYin
School: Henan University
Course: Finance
Keywords: Financial crisis Macroprudential supervision Frame Systemic risk
CLC: F832.2
Type: Master's thesis
Year: 2011
Downloads: 547
Quote: 1
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Abstract

Since 2008, the world financial and economic situation surging financial crisis escalation and quickly swept the world with the U.S. subprime mortgage crisis intensified. Shocking huge losses strongly reflects the vulnerability and limitations of both the financial regulatory system and the the change evolution has lagged behind the rapid development of the financial system. With the outbreak and the impact of the crisis, the financial micro-prudential supervision of the prevention and the ability to resist financial risks have been widely questioned. Since the 1980s, the establishment of the minimum capital requirements under the micro-prudential supervision has gradually become the mainstream of the national banking supervisory practice. But in the past 20 years, while micro-prudential supervision continue to strengthen the intensity of the outbreak of the financial crisis, but only to rise. The main reason is that: With the rapid development of the financial sector, the vulnerability of the financial markets continue to enhance the unlimited increase the procyclicality of the financial system homogeneity in the transverse direction, the wide range of Conglomerates allow financial institutions to integrate; Vertically rapid financial innovation, more and more to the table outside the business and high leverage, the high rate of return and high risk of asset bubbles coexist. In the face of the constant turmoil of the entire financial system, the micro-prudential supervision due to lack of information and tools, it is difficult to effectively capture systemic risk lurking in the system, do not have the corresponding policy instruments to prevent the risk of shock, blocking the spread of the crisis. Some mechanism, micro-prudential supervision and even become one of the incentives for systemic shocks. The important lesson of this crisis is that: the traditional micro-prudential supervision philosophy is only concerned about the health of the micro-finance institutions, to have enough to deal with the systemic risk impact is different from the traditional characteristics. Regulatory mechanisms ignore the huge exposure of the financial system, through a positive feedback mechanism between the financial system and the real economy, the financial crisis will be difficult to avoid. Theorists generally agreed that: in the national financial regulatory policy-making process must be both macro-prudential and micro-prudential two levels, while focusing on the micro level of risk and the macro level of risk transfer. Micro-prudential analysis to focus on the sound operation of individual financial institutions, macroprudential analysis with particular emphasis on the overall stability of the entire financial system, which can measure a variety of uncertainties from a macro perspective, issue risk warnings in a timely manner, timely use of financial stability policy to intervene effectively inhibit the spread of the spread of systemic risk and the financial crisis. After the outbreak of the crisis, to strengthen macro-prudential supervision of the field of theoretical research and policy implementation, the the regulatory radiation to the entire financial system level, focusing on external influences on the internal association of the financial system and the real economy, through the effective implementation of the policy to suppress the cross-market homogeneous and cross-sectoral financial procyclicality comprehensively prevent and mitigate systemic risk and the financial regulatory reform of the international community has become a consensus. Based on the above analysis, the research background to the current financial crisis, the major breakthrough into a systemic risk because, through the study of the theory of macro-prudential supervision, explore specific path to build a macro-prudential supervision framework to study the system of macro-prudential supervision system set, tools with policy coordination issues, and make policy recommendations. For macro-prudential regulatory framework of infancy, and the relevant literature is mainly focused on the concept of macroprudential supervision, specific concepts complement micro-prudential supervision, a single perspective. In this paper, the basic theory of the evolution of the macro-prudential supervision as the analysis based on the combination of foreign policy draw, initially proposed the theoretical concept of macro-prudential regulatory framework, and discusses a specific application in China, make policy recommendations for a follow-up policy design and institutional arrangements to provide a theoretical basis. Based on the post-crisis period of the world's major countries and economies on a major readjustment of the financial regulatory policy system, using theoretical analysis method to study the risk factors, the financial crisis originated from the system level to explore the financial regulatory macro-prudential and micro-prudential two concepts on the imbalance of how systemic risk, and ultimately lead to the occurrence of the crisis. Comparative analysis method to study the deficiencies in the system and the concept of micro-prudential limitations, to explore the macro-prudential regulatory objectives, regulatory approach, regulatory standards comparative advantage, the theoretical foundation to lay Syria macro-prudential regulatory framework. The normative analysis method, specific comments on the unique nature of systemic risk, and to put forward policy proposals to build the Chinese macro-prudential regulatory framework. On the theory and practice of the specific causes of the systemic risk, constitute elements of mechanism theory elements conducted a comprehensive analysis, deduced accordingly theoretical conception of the main content of the macro-prudential supervision and macro-prudential supervision framework. Theoretical depth, then continue to push forward to build the Chinese macro-prudential regulatory framework based on the uniqueness of systemic risk, the preliminary theoretical exploration. Focus on policy relevance and theoretical logic development context of the full text of the universality of macroprudential policy orientation gradually established through the identification of systemic risk, and provide a new response to the pro-cyclicality of the financial system and the prevention and control of systemic risk research perspective, with a strong practical significance.

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