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本文对巴塞尔资本监管协议实施以来几次重大的经济衰退及信贷紧缩过程的分析发现,在银行面临资本监管约束的情况下,经济衰退过程中的信贷紧缩造成经济波动放大是一个资产价格、资本充足率和银行信贷相互影响、自我实现的过程,资产价格波动是银行资本监管约束实现其亲周期性的重要途径。资产价格波动影响银行的资本充足水平,并通过改变资本约束影响信贷供给,因此,逆周期资本缓冲同资产价格挂钩是必要的。基于资产价格对于银行信贷波动及顺周期的影响,可以将资产价格作为逆周期资本缓冲的挂钩变量之一。
This article analyzes several major economic recessions and the credit crunch process since the Basel Capital Accord was implemented and finds that under the constraints of capital supervision and control by the banks, the credit crunch caused by the economic recession caused the economic fluctuation amplification. It is an asset price, capital The relationship between adequacy ratio and bank credit, self-actualization and asset price fluctuation are the important ways to achieve the pro-cyclicality of bank capital supervision and control. Asset price fluctuations affect the bank’s capital adequacy level and affect the credit supply by changing the capital constraints. Therefore, it is necessary to link the countercyclical capital buffer with the asset price. Based on the impact of asset prices on bank credit fluctuations and pro-cyclicality, asset prices can be used as one of the pegging variables in countercyclical capital buffers.