关键词: 宏观审慎监管 , 目标 , 工具 , 制度安排

Abstract: From the experience of financial crisis in the past 40 years, financial imbalance became a recurrent phenomenon as the development of financial market The mutual strengthening mechanism between financial and macroeconomic imbalance led to an obvious and longlasting deviation from the normal standard Under the negative effect of the financial procyclicality, financial and macroeconomic stability could not be reached unless macro prudential regulation put into policy framework The macro prudential regulation emphasized that, the risk of the financial system should be assessed from the overall perspective of the interaction between economic behavior, financial market and financial institutions The design of financial system should take this interaction into consideration

Key words: macro prudential regulation , target , instrument , institutional arrangement