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1、JournalofEconomicPerspectives—Volume25,Number1—Winter2011—Pages3–28AMacroprudentialApproachtoFinancialRegulationSamuelG.Hanson,AnilKKashyap,andJeremyC.SteinaanyobservershavearguedthattheregulatoryframeworkinplacenyobservershavearguedthattheregulatoryframeworkinplaceMppriortotheglobalfi
2、riortotheglobalfinancialcrisiswasdefinancialcrisiswasdeficientbecauseitwaslargelycientbecauseitwaslargely““microprudential”innature(Crockett,2000;Borio,Furfimicroprudential”innature(Crockett,2000;Borio,Furfine,andLowe,ne,andLowe,22001;Borio,2003;KashyapandStein,2004;Kashyap,Rajan,andSt
3、ein,2008;001;Borio,2003;KashyapandStein,2004;Kashyap,Rajan,andStein,2008;BBrunnermeier,Crockett,Goodhart,Persaud,andShin,2009;BankofEngland,runnermeier,Crockett,Goodhart,Persaud,andShin,2009;BankofEngland,22009;Frenchetal.,2010).Amicroprudentialapproachisoneinwhichregulation009;Frenche
4、tal.,2010).Amicroprudentialapproachisoneinwhichregulationiispartialequilibriuminitsconceptionandaimedatpreventingthecostlyfailureofspartialequilibriuminitsconceptionandaimedatpreventingthecostlyfailureofiindividualfindividualfinancialinstitutions.Bycontrast,a“macroprudential”approachre
5、cog-nancialinstitutions.Bycontrast,a“macroprudential”approachrecog-nnizestheimportanceofgeneralequilibriumeffects,andseekstosafeguardtheizestheimportanceofgeneralequilibriumeffects,andseekstosafeguardthefinancialsystemasawhole.Intheaftermathofthecrisis,thereseemstobeagree-nancialsystem
6、asawhole.Intheaftermathofthecrisis,thereseemstobeagree-mmentamongbothacademicsandpolicymakersthatfientamongbothacademicsandpolicymakersthatfinancialregulationneedstonancialregulationneedstommoveinamacroprudentialdirection.Forexample,accordingtoFederalReserveoveinamacroprudentialdirecti
7、on.Forexample,accordingtoFederalReserveCChairmanBenBernanke(2008):hairmanBenBernanke(2008):■■SSamuelG.HansonisaPh.D.CandidateinBusinessEconomics,HarvardUniversity,amuelG.HansonisaPh.D.CandidateinBusinessEconomics,HarvardUniversity,CCambridge,Massachusetts.FromFebruarytoDecember2009,H
