| 摘要: |
| 中央经济工作会议强调加强逆周期调节,而国家宏观资产负债表是制定政策的关键依据。 本
文通过梳理美国、日本和英国在逆周期调控下国家宏观资产负债表管理的成功经验与失败教训,结合中
国实际经济形势,分析我国宏观资产负债表管理的现状与挑战。 研究发现,我国宏观资产负债表管理在逆
周期实践中面临资产负债结构失衡、政策传导机制不畅、数据质量与时效性不高等挑战。 为此,本文从优化
资产负债结构、畅通政策传导渠道、完善报表编制与数据管理体系三个方面提出创新路径,旨在提升我国国
家宏观资产负债表的管理水平,为实施更加精准有效的逆周期调控政策提供理论支撑与实践指导。 |
| 关键词: 国家宏观资产负债表 逆周期调控 国际经验 中国路径 |
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| The Structural Contradiction and Solution of Macro Asset-LiabilityManagement under Countercyclical Regulation:Based on Comparative Insights from the United States, Japan,and the United Kingdom with China’s Approach |
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LU Minfeng1, ZHOU Huihui2
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| Abstract: |
| The Central Economic Work Conference emphasized strengthening countercyclical adjustment,
and the national macro balance sheet is a key basis for policy formulation. By reviewing the successful experiences and lessons learned from national macro balance sheet management in the United States, Japan, and the
United Kingdom under countercyclical regulation, and combining these with China’ s actual economic conditions, this paper analyzes the current status and challenges of macro balance sheet management in China. The
study finds that China’s macro balance sheet management faces challenges in countercyclical practice, including asset-liability structural imbalances, inefficient policy transmission mechanisms, and insufficient data quality and timeliness. To address these issues, this paper proposes innovative approaches in three aspects: optimizing the asset-liability structure, unblocking policy transmission channels, and enhancing the statement compilation and data management system, aiming to improve the management level of China’s national macro balance
sheet and provide theoretical support and practical guidance for implementing more precise and effective countercyclical regulation policies. |
| Key words: national macro balance sheet countercyclical regulation international experience China’ s approach |
