Translated Abstract
To prevent the new financial regulatory problems exposed in the 2008 global financial crisis, Basel Ⅲ issued in the end of 2010 not only comprehensively strengthen the capital adequacy requirements,but also defined a new regularion combined with macroprudenial supervision and micriprudenial supervision. To reduce the impact of the pro-cyclicality on financial stability, Basel Ⅲspecifically establish a 0% -2.5% of the counter-cyclical capital buffer requirements and puts forward the provision countercyclical buffer model, methods recommendations indicators. Then, China＇s banking regulatory agency through the “Commercial Bank＇s Capital Management Approach (Trial)＂ on our commercial banks clear request countercyclical buffer capital provision, comprehensive followed the latest international financial regulation concepts. China as a developing country, has a rapid economic growth and big credit demand. In recent years, China entered a parallel development period of the economic structural adjustment and financial deepening reform. As Basel Ⅲ’s countercyclical capital buffer regulation transitional period approaches, In combination with the practical situation of China to explore commercial banking’s countercyclical capital buffer mechanism and applicability of the provision has a very important significance to improve the risk prevention ability of the financial system and maintain the healthy development of banking industry.
This paper first analyses the theoretical basis, including the performance and the causes of pro-cyclical,countercyclical macro-prudential regulation framework, policy goal and the function mechanism of the Countercyclical capital buffer mechanism. Subsequently, combined the valuable experience of countercyclical capital buffer mechanism leading countries with the reality of our country and make revelation and recommendations to improve China＇s countercyclical capital buffer mechanism. Finally, this paper selects different caliber of credit/GDP as the linked variable to calculate the scale and period of countercyclical capital buffers, evaluate the applicability of countercyclical capital buffer mechanism in China.
This paper draw the following main conclusions and recommendations by theoretical and empirical analysis: (1)Countercyclical capital buffer mechanism in China should use a constrained discretion method, expanding the scope of the object of supervision and implementation of a differentiation regulation; (2)Credit/GDP index has a good applicability in China,but because of the limitations of the single index in accurately reflect the credit cycle the changes of systemic risk in commercial bank ,it is necessary to join other regulatory indicators to comprehensively consider the provision of counter-cyclical capital buffer; (3) The effct of using broad caliber ＂credit/GDP＂ linked variables to make countercyclical capital buffer is better,but with the the influence of such factors as the change in financing structure,the changes in ＂social scale of financing＂ caliber index should also be concerned. In the end,it put forward some policy recommendations and problems need further stutied.
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