摘要
多国政策国际协调是维护全球经济稳定和金融安全的必然要求,也是构建更加开放、团结、普惠性全球经济金融系统的客观要求。本文以双支柱调控框架为切入点,创新性地突破货币政策与宏观审慎政策的独立分析边界,通过构建一个嵌套着两国不完全信息静态博弈模型的三国不完全信息动态博弈,以及结合2013年之后美国退出量化宽松货币政策与采取紧缩性宏观审慎政策引发的国际协调经典案例,论证了只有主导国、中间国和追随国共同实行对称性国际协调才能实现共赢协调解。基于此,本文亦探讨双支柱调控框架视域下多国政策国际协调的政策建议。
The international coordination of multi-country policies is an inevitable requirement for maintaining global economic stability and financial security as well as an objective requirement for building a global economic and financial system with more openness,unity and inclusiveness.Based on the double-pillar regulatory framework,the paper innovatively breaks through the boundaries of the literature which analyses monetary policy and macro-prudential policy separately.By constructing a dynamic game of incomplete information among three countries which nests a static game model of incomplete information between two countries,in combination with the case of international coordination caused by the United States withdrawing from the quantitative easing monetary policy and tightening macro-prudential policy after 2013,it demonstrates that only symmetric international coordinations among the leading,intermediate and following countries can achieve Pareto optimality.Accordingly,it also discusses the policy recommendations for international coordinations of multi-country policies from the perspective of the double-pillar regulatory framework.
作者
严佳佳
许莉莉
YAN Jiajia;XU Lili(Fuzhou University,Fuzhou,China)
出处
《经济学动态》
CSSCI
北大核心
2021年第3期113-125,共13页
Economic Perspectives
基金
国家社会科学基金项目“创新‘一带一路’金融国际合作机制研究”(18VDL012)
国家社会科学基金项目“金融扩大开放格局下货币政策与宏观审慎政策有效协调研究”(20BJY234)资助
关键词
国际协调
双支柱调控框架
不完全信息动态模型
International Coordination
Double-Pillar Regulatory Framework
Dynamic Games with Incomplete Information
作者简介
严佳佳,福州大学经济与管理学院,邮政编码:350000,电子邮箱:53896165@qq.com;许莉莉,695153974@qq.com。
