论金融稳定与中央银行职能

【作者】 张启阳；

【导师】 张贵乐；

【作者基本信息】 东北财经大学 ， 金融学， 2006， 博士

【摘要】 一、选题的背景和意义金融稳定是指在要求货币稳定的同时，组成金融体系的金融机构、金融市场和金融基础设施都能正常运转，并且能够正确评估、防范和化解金融风险，金融稳定是以预期为基础的、依赖众多要素共同作用的一种动态过程，是金融体系处于能够有效发挥其关键功能的状态。金融稳定是随国际经济金融形势变化不断发展的，国际经济金融形势的变化影响着金融稳定，并赋予了金融稳定在不同阶段、不同时期的内涵标准。党的十六大以来，中央提出了科学发展观、实现国民经济可持续发展和建立和谐社会的目标要求，这为金融稳定又赋予了新的内涵，新时期金融稳定是科学发展观在金融改革和发展领域的体现，维护金融稳定是落实科学发展观的必然要求，是现实国民经济全面、协调、可持续发展的需要。金融稳定是构建和谐金融的基础，而和谐金融是构建和谐社会的重要组成部分。因此，维护金融稳定有着十分重要的现实意义。维护金融稳定就是如何防范和化解金融风险。20世纪90年代以来，经济金融全球化步伐加快，金融创新取得了空前的发展，为传统的金融产业和金融市场带来了活力和繁荣，提高了金融效率，同时也产生了大量的金融风险，南美、东南亚爆发金融危机造成了巨大经济损失，也引发了政治和社会危机。艾兴格林和博德的研究结果表明，“现在发生金融危机的概率比1973年增加了一倍”。金融危机的频繁爆发及其对经济产生的巨大影响，促使国际组织和各国中央银行高度重视维护金融体系的整体稳定。中央银行具有维护金融稳定的天然职能和法定职能。中央银行的目标是保持币值稳定并在此基础上促进国民经济协调发展。中央银行作为发行的银行，是法定的货币发行人，有责任维护币值的稳定，币值稳定和金融稳定是一致的。中央银行作为银行的银行，维护和监管支付体系，承担着银行间的支付清算服务，保证支付体系顺利运行和保持稳定成为中央银行维护金融稳定的手段。中央银行具备“最后贷款人”的职能，在金融危机时，可以采取救助措施，为金融机构或金融市场注入流动性，维护金融稳定。中央银行作为国家的银行，承担着维护经济和政治的安全及促进经济发展的重任，各国法律又赋予了各国中央银行维护金融稳定的法定职能。因此，中央银行在发挥传统的职能基础上，维护金融稳定已成为当今中央银行的核心职能。维护金融稳定是一个复杂的整体系统，中央银行建立怎样的维护金融稳定的框架?如何对金融稳定进行分析、监测、采取应对措施?建立什么样的金融稳定协调机制?无论是在理论界还是在维护金融稳定的实践中，都在不断探索过程中。2003年，中国人民银行正式确立了维护金融稳定的法定职能。本文正是在这样的背景和前提下对上述问题进行研究的，这对中国人民银行更好地发挥维护金融稳定作用，具有十分重要的现实意义。二、选题的指导思想和研究方法本文以马克思主义、毛泽东思想、邓小平理论和“三个代表”重要思想为指导，按照科学发展观和建立和谐社会的要求，针对当前国际、国内对维护金融稳定的关注，中国人民银行维护金融稳定正处于探索过程中的现实，通过对国际上维护金融稳定框架的研究，结合中国人民银行近年来维护金融稳定的具体实践，用比较的方法，分析了建立维护金融稳定的框架、运作机制、分析监测方法，提出了中国人民银行建立维护金融稳定的框架、协调机制、运行机制、应对危机措施及存在的主要问题，并提出了今后维护金融稳定的建设性意见。本文在研究金融稳定与中央银行职能作用过程中，采用了规范分析和实证分析相结合的方法，运用了金融风险预警理论、金融协调机制理论、最后贷款人理论等对金融稳定与中央银行职能作用进行了分析。提出了建立人民银行维护金融稳定的框架、运行机制、协调机制以及应对措施。具体采用了以下研究方法：1．采用规范分析和实证分析相结合。在规范分析中，运用归纳综合，对国际金融稳定的发展主要影响因素进行了分析总结。在实证分析中，采用了系统分析与案例分析相结合，对国际开展维护金融稳定较早国家的中央银行的维护金融稳定的基本框架等进行了分析，并对中国人民银行近年来维护金融稳定工作进行了实证研究。2．运用了比较分析的方法，以具有代表性的英国、欧盟、美国、日本等国家中央银行为研究对象，对其维护金融稳定进行了系统性分析比较。3．运用了经济学、统计学等基本原理及有关模型，对建立金融稳定分析框架进行了研究。三、选题的主要内容本文从分析金融稳定入手，全面分析了国际、国内经济金融发展对金融稳定的影响和要求，阐述了金融稳定是构建和谐社会的重要内容，是落实科学发展观的必然要求。对影响金融稳定的主要因素—金融市场体系进行了系统分析，强调了系统性风险对金融稳定的影响，在防范和化解系统性风险过程中，中央银行处于核心地位，在维护金融稳定过程中发挥了至关重要的作用。维护金融稳定已成为当今中央银行的核心职能。本文分析了建立维护金融稳定的框架、分析监测方法及应对措施，对我国中央银行维护金融稳定提出了建议。本文共分七章，各章的主要内容如下：第一章：论述了金融稳定研究的背景，金融稳定的基本定义及内涵，分析了维护金融稳定的成功经验、金融不稳定的原因及教训。第二章：阐述了在我国现实条件下，新的金融稳定观，即金融稳定是构建和谐社会的重要组成部分，维护金融稳定是落实科学发展观的必然要求。分析了金融稳定与发展、创新、竞争的关系，对我国金融稳定状况做出了基本判断。第三章：分析了影响金融稳定的主要因素—金融市场体系。通过对国际国内货币市场、外汇市场、资本市场的风险分析以及跨市场的系统性金融风险的分析，原有的被分割的金融市场已形成了一个整体，互相渗透、互相影响，防范系统性风险对维护金融稳定至关重要。第四章：通过对英国、美国、欧盟、香港金融监管架构的借鉴，分析了金融监管的发展变化对金融稳定的作用，同时对我国金融监管现状进行了研究，在金融监管整体框架中，中国人民银行处于核心的地位，对整个金融稳定有着决定性作用。第五章：阐述了维护金融稳定是中央银行的核心职能，通过对美国、欧元区、英国中央银行维护金融稳定制度框架分析，总结归纳了中央银行建立金融稳定的框架，建立金融稳定协调机制、运行机制和具体的金融稳定评价体系、金融风险预警系统、维护金融稳定的工具与手段。第六章：全面分析了我国中央银行维护金融稳定的背景和职能演变。对当前人民银行维护金融稳定的框架、分析监测、应对措施和救助措施进行了阐述，同时还阐述了反洗钱对金融稳定的作用。第七章：分析了当前中国人民银行在维护金融稳定过程中面临的主要问题，并对存在的问题提出了加强金融稳定的基础制度建设，建立金融稳定协调机制，建立存款保险制度等建议。四、选题的主要创新和不足(一)主要创新1．提出了新的金融稳定观，金融稳定是构建和谐社会的重要组成部分，金融稳定是科学发展观在金融改革和发展中的体现，维护金融稳定是落实科学发展观的必然要求，是实现国民经济全面、协调、可持续发展的重要保证。2．在不同的监管模式下，中央银行在发挥传统的“国家的银行、发行的银行、银行的银行一作用的同时，维护金融稳定已成为其核心职能，对维护整个金融稳定起着决定性作用。3．系统总结了国际上主要国家中央银行建立金融稳定框架、金融稳定运行机制、金融稳定评价体系、金融稳定预警体系及应对措施。4．提出了我国建立金融稳定协调机制的基本原则、功能定位及人民银行处于主导地位的模式。(二)不足1．金融稳定是一个复杂的体系，本文在研究影响金融稳定因素的过程中，只重点研究了金融市场体系对金融稳定的影响，而对其他因素，如金融机构、金融基础设施以及金融以外的其他因素研究得不够。2．本人是维护金融稳定的具体工作者，在本文的形成过程中，更多地侧重了实务方面的分析，对金融稳定理论的研究无论是深度还是广度都显不够。这些问题需要在不断地实践中进行总结完善。更多还原

【Abstract】 I The background and meaning for choosing the topicThe financial stability means that while the currency is required to be stable, the financial institution, the financial market and the basic financial facilities, all of which compose the financial system, can work normally, and can correctly estimate, keep away and solve the financial risk. The financial stability is a dynamic process that is based on anticipation, and dependent on the common effects of numerous factors. It is also the condition in which the financial system can effectively display its vital function.The financial stability is unceasingly developing along with the changes of the international situations of economy and finance, while the changes of the international situations of economy and finance also affect the financial stability, and entrust the financial stability with the connotation standard in different stage and different time. Since 16th National Congress of Communist Party of China, the central committee has proposed the scientific development view, and the requirement of realizing the sustainable development of the national economy and establishing harmonious society. This has entrusted the financial stability with the new connotation. During the new time, the financial stability is the embodiment of the scientific development view in the financial reform and its development field, and to maintain the financial stability is the inevitably requirement of carrying out scientific development view and realizing the comprehensive, coordinated, and sustainable national economy. The financial stability is the foundation of constructing harmonious finance, and the harmonious finance is a quite important part of constructing harmonious society. Therefore, to maintain the financial stability has extremely important practical significance.To maintain the financial stability is how to keep away and solve the financial risk. Since the 1990s, the step of the economical financial globalization has sped up, and the financial innovation has obtained the unprecedented development. Those have brought the vigor and the prosperity for both the traditional financial industry and the financial market, and enhanced the financial efficiency. However, simultaneously those produced the massive financial risk. The financial crisis of South America, Southeast Asia has created the huge economic loss, also has initiated political and social crisis. The result of Barry Eichengreen and Baldur’s study indicates that the probability of the financial crisis at present is two times of that in 1973. The frequent eruption of the financial crisis and its huge influence on economy urge the international organization and the various countries’ Central Bank to pay much attention to maintaining the stability of the financial system.The Central Bank has the natural function and the legal function of maintaining the financial stability. The goal of Central Bank is to maintain the currency value to be stable, and promote the national economy to develop coordinately on this foundation. As a bank of issuing currency, the Central Bank is the legal currency publisher, and has the responsibility of maintaining the stability of the currency value. The Central Bank is the bank of other banks, so to maintain and supervise the payment system, to undertake the service of paying and liquidating among banks, to guarantee smooth movement of the payment system, and to maintain stabilization become the methods that the Central Bank uses to maintain the financial stability. The Central Bank has the function of "the final lender". During the financial crisis, the Central Bank can take saving measures, pour into the fluidity for the financial institution or the financial market, and maintain the finance to be stable. As the national bank, the Central Bank is undertaking significant responsibility of maintaining economic and political security, and promoting economy development. Each countrys’ law entrusts its Central Bank with the legal function of maintaining the financial stability. Therefore, on the basis that the Central Bank displays traditional function, to maintain the financial stability has become the Central Bank’s core function at present.To maintain the financial stability is a complex integrated system, so what frame of maintaining the financial stability does the Central Bank establish? How to analyze and monitor the financial stability, and to take measures? What coordinated mechanism of the financial stability should be established? All of these problems have been being in the process of exploring, both in the theory and in the practice. In 2003, the People’s Bank of China established the legal function of maintaining the finance stability. This paper is precisely conducting the research to the above questions in such background and the precondition. This paper has the extremely important practical significance for better displaying the function of maintaining financial stability.II Guiding ideology and research technique of the paperThis paper take the Marxism, Mao Zedong Thought, Deng Xiaoping Theory and "three representatives" Thought as the instruction. According to requirements of the scientific development view and the establishment of the harmonious society, referring to the international and domestic attention to maintaining the financial stability, on the basis of the reality that the People’s Bank of China is in the exploration process of maintaining the financial stability, by studying the frame that is internationally used to maintain the financial stability, connecting with practice of the People’s Bank of China in recent years, with the comparison method, this paper has analyzed the establishment the frame, the operation mechanism, the methods of analyzing and monitoring of maintaining the financial stability, proposed the frame, the coordinated mechanism, the movement mechanism, the measures for crisis and the existence main problems for the People’s Bank of China, and given the constructive comments for maintaining the financial stability in the future.During the process of studying financial stability and the function of the Central Bank, this paper has used the method of connecting the standard analysis with the real diagnosis analysis, utilized the financial risk early warning theory, the financial coordination mechanism theory, the final lender theory etc., and analyzed the financial stability and the function of the Central Bank. The stable frame, the movement mechanism, and the coordinated mechanism to maintain the financial stability for the People’s Bank of china, as well as the answering measures are introduced here.Specific methods for researching are below: i Connecting the standard analysis with the real diagnosis analysis. In the standard analysis, using the induction integration, this paper has carried on the analysis and summary to the international main effect factors of the financial stability development. In the real diagnosis analysis, connecting the system analysis with the case analysis, this paper analyzes the basic maintaining the financial stability frame of the central Bank in the countries where the work of maintaining the financial stability was started earlier, and conduct the real diagnosis research in the work of maintaining the financial stability for the People’s Bank of China in recent years.ii Utilizing the comparative analysis method. Taking the Central Banks of the representative countries, such as England, EU, America, Japan etc as the research objects, this paper has carried on systematic analysis and comparison to maintaining the finance stability.iii Using the basic principles of economics, statistics etc, and the related model, this paper has carried on the research on the establishment the analyzing frame of financial stability.III Main ContentsBeginning from analyzing the financial stability, this paper has comprehensively analyzed the influence and requirement of the international and the domestic economical financial development on financial stability, and illustrated that the financial stability is the important content for constructing harmonious society and the inevitably request for carrying out the scientific development view. Carry on systematic analysis to the financial market, which is the main factor of affecting the financial stability. Emphasize the influence of systematic risk on the financial stability. In the process of keeping away and solving the systematic risk, the Central Bank is at the core position, and has played the vital role in the process of maintaining the financial stability. To maintain the financial stability has become the core function of the Central Bank now. The key point of this paper is to analyze the establishment the frame of maintaining the financial stability, analyze the methods of monitoring and the measures, give proposals to maintain the financial stability for our country’s Central Bank.This text is divided into seven parts.Chapter 1: This part discussed the background for the research, the basic definition of financial stability and its connotation, analyzed successful experience and reasons and lessons from financial unsteady.Chapter 2: This part discussed that under our country’s realistic situation, new financial stable view, namely the financial stability is an important component to set up harmonious society and the inevitable requirement of carrying out scientific development view. It analyzed the relationship among financial stability, development, creative and competition, made basic judgement to our country’s financial stable condition.Chapter 3: This part analyzed the main factor affecting financial stability-financial market system. Throughout the analysis of risks among internal and international money market, foreign exchange market and capital market, the intersected financial market previously has been formed as a whole and interacted each other. Keeping away systematic risk is vital for maintaining financial stability.Chapter 4: Throughout drawing lessons from supervision framework of England, the United States, EU, and Hong Kong, this part analyzed the effects of development of financial supervision to the financial stability, at the same time, it investigated the financial supervision of our country at present. In the whole financial supervision framework, People’s Bank of China is placed in the core position, to whole finance’ the stability has got the decisive function.Chapter 5: This part expatiated the core function of People’s Bank of China which is to maintain financial stability, Throughout the analysis of Central Bank’s framework for maintaining financial stability in the United States, EU, and England, this part summarized the establishment of financial stability framework by Central Bank, establishment of the coordinated and operational mechanism and concrete financial stability evaluation syatem, financial risk early warning system, instruments and measures for maintaining financial stability. Chapter 6: This part analyzed the background for financial stability maintenance of PBC and the evolvement of PBC’s function. This part also discussed the framework for maintaining financial stability, analytical supervision, countermeasure and help measure of PBC. At the same time, it expatiated the function of anti money laundering to the financial stability.Chapter 7: This part analyzed the key problem that People’s Bank of China being faced with during maintaining financial stable process, and put forward some suggestions such as enhancing financial stable process, and put forward some suggestions such as enhancing financial stable foundation system developments, establishing the financial stability and coordinated mechanism, establishing deposit insurance system etc.IV The main innovation and shortcomingi Main innovation1. Proposed the new financial stability view. The financial stability is an important constitute of constructing harmonious society, and is the embodiment of the scientific development view in the financial reform and development. To maintain the financial stability is the inevitably request of carrying out scientific development view, is an important guarantee of realizing the national economy to be developed comprehensively, coordinately, and sustainably.2. Under the different supervision pattern, the Central Bank is displaying the traditional function of "the national bank, the issuing bank, the bank for banks", to maintain the finance stability has become its core function, which plays the decisive function for maintaining the stability of the entire finance.3. Systematically summarized the financial stable frame that main international countries’ Central Banks have established, the movement mechanism of financial stability, the appraisal system of financial stability, the early warning system of financial stability and the measures for answering.4. Proposed the basic principle and the function localization by which our country establishes the coordination mechanism of the financial stability, and the pattern in whichPeople’s Bank of China is in the dominant position.ii Shortcoming1 .The financial stability is a complex system. In the process of researching the factors of influencing financial stability, this paper only puts emphasis on the influence of the financial market system on the financial stability, but studies insufficiently to other factors, like the financial institution, the financial infrastructure as well as the other factors outside the finance.2. I am a concrete worker of maintaining the financial stability. During the process of forming this paper, more stresses are put on the practical operation aspect, and the research on the theory of financial stability reveals insufficiently both the depth and the breadth.These problems need to be summarized and perfect during the process of unceasing practice.更多还原