关键词: 双支柱调控, 货币政策, 宏观审慎政策, 金融稳定

Abstract: Based on crosscountry panel data of 42 countries over the period of 1991-2016, this paper examines the financial stability effects of the twopillar framework. Empirical results show that: (1) Both monetary and macroprudential policies are significantly effective in curbing household credit growth, which proves the role of twopillar policy in mitigating the procyclicality of financial risk. (2) Loantargeted macroprudential tools and macroprudential policy groups for lenders and borrowers have a more significant financial stability effect. (3) The financial stability effect of the twopillar framework is significantly different at different levels of economic development, where the macroprudential policy is more effective in emerging economies but the coordination effect of twopillar framework is more significant in advanced economies. (4) In advanced economies, monetary policy is more effective in adverse times but macroprudential tools and their interaction with monetary policy are better in upward cycle. (5) Only a fraction of Macroprudential tools have a milder side effect on unemployment, private consumption and price.

Key words: twopillar adjustment, monetary policy, macroprudential policy, financial stability