Study On The Financial Regulation And Supervision From The Perspective Of Macro-prudential Policy Framework

In2008, the U.S. subprime mortgage crisis triggered a comprehensive financialcrisis, which not only brought great negative impact on the U.S. economy, but alsocaused great negative impact to the global economy. Until now, the U.S. financial crisis’sinfluence still exists, making the global economy still face a lot of uncertainties. In theprocess of financial crisis spread, people in the world are constantly thinking about all theaspects of the crisis. The thinking about the effectiveness of the former financialsupervision and regulation is also very hot, and some fruits are formed. The economicacademia generally agrees that the former financial regulation is a micro-prudentialregulation, which focuses on maintaining the stable operation of the micro-financeindividual, thus its attention to systemic risk of the financial system is insufficient, and ithas no effective tools or measures for preventing and controlling systemic risk. Based onthis, through the deepening discussions and communications, the internationalcommunity gradually formed a consensus that countries should build the financialregulatory system under the framework of the macro-prudential policy, and implementmacro-prudential financial regulation in order to effectively compensate for the weaknessof micro-prudential supervision and maintain the stable operation of the financial systembetter.Since then, the various problems under the framework of the macro-prudentialpolicy have caused a wide range of research interests in economic academia, thusresearch of financial regulation under macro-prudential policy framework becomespopular. However, in China, because of China’s financial market development level andthe status of the financial regulatory system and many other factors, the financialregulation under macro-prudential policy framework is not widely studied. This is notconducive to implement effective prevention and control measures to control financialrisks in the future rapid development of Chinese financial market.This paper made an in-depth study about the reality basis and causes of theformation of macro-prudential policy framework, and pointed out that this frameworkwas to better deal with the exposed problems by the financial crisis, and to reduce thelikelihood of such crises. On this basis, this paper explored the tools choice of financial regulation in the framework of the macro-prudential policy. This provides tool guidancefor China’s implementation of macro-prudential financial regulation. In addition, adetailed analysis of the financial regulatory reform in the United States and the EuropeanUnion is conducted. From the gradual recovery of financial stability of the United Statesand European country, we can see that these reform measures have a lot of positiveinfluence on the financial system, and thus they are worthy of our reference. This paperpointed out that financial regulation under macro-prudential policy framework hasbecome the world’s financial reform direction. On this basis, this paper analyzed thecurrent situation of China’s financial regulatory system model, and proposed someconstructive financial reform measures under China’s macro-prudential policyframework to make China’s financial regulation face the challenges of future financialdevelopment.