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引言金融顺周期性是指在时间维度中,金融体系与实体经济所形成的动态正反馈机制。①~金融体系顺周期性的客观存在以及金融系统性风险的产生、膨胀,促使各国政府及监管机构对于金融监管重新进行考量,在确保微观审慎监管的同时侧重于对宏观审慎监管的加强,利用逆周期工具措施缓解金融系统内生的顺周期性,以提高防御金融风险的能力。本轮金融危机的发生已经印证了顺周期性在风险来临时的强化效应,足以导致金融失衡、脆弱性加剧。《巴塞尔资本协议Ⅲ》沿革了加强宏观审慎
Introduction Cycloccurrence of finance refers to the dynamic positive feedback mechanism formed by the financial system and the real economy in the time dimension. The objective existence of procyclicality of the financial system and the emergence and expansion of financial systemic risks have prompted governments and regulators in all countries to reconsider the financial regulation and control and at the same time focus on the enhancement and utilization of macro-prudential regulation while ensuring micro-prudential regulation Counter-cyclical instruments mitigate the pro-cyclical nature of the financial system to enhance its ability to defend financial risks. The current round of financial crisis has confirmed the pro-cyclical strengthening effect at the time of the crisis, which is enough to lead to financial imbalances and increased vulnerability. “Basel Capital Accord Ⅲ” evolution to strengthen macro-prudential