A Discussion about the Counter-cyclical Policy in the Context of Macro-prudential Supervision Framework
探讨了在宏观审慎监管框架中引入逆周期政策的重要性，提出通过缓解资本要求、贷款损失拨备和公允价值会计的顺周期性，并引入逆周期资本缓冲等工具，以降低系统性风险、增强金融稳定。
With the deepening of international financial crisis,it is gaining consensus that the current prudential supervision philosophy and approaches need to be largely reinforced.Incorporating a greater emphasis on macro-prudential policies,which are combined with micro-prudential polices,would be a major development trend in the aftermath of the crisis.This paper argues that introducing counter-cyclical policies should be an important component of a macro-prudential framework.On one hand,measures should be taken to mitigate the procyclicality of the BaselⅡrisk-based capital requirements,loan loss provisioning and fair value accounting rules.On the other hand,counter-cyclical instruments,such as counter-cyclical capital buffers,an asset-based leverage ratio and forward-looking provisioning should be introduced,so as to mitigate the procyclicality of credit,asset prices and the economic growth.This would significantly contribute to mitigating financial imbalances and the build-up of systemic risks,so as to enhance financial stability.