2008年全球金融危机之后,各国普遍采纳宏观审慎监管制度以不发生系统性金融风险为底限,但金融数字化对这一新生制度形成严重冲击。数字技术、数字科技企业、数字平台和数字基础设施构成数字时代系统性金融风险的新型和主要来源,并能够将损害扩展到金融之外的整个市场和社会。系统性风险的变化对宏观审慎监测制度、宏观审慎监管措施、宏观审慎处置制度以及宏观审慎监管体制形成了全方位的挑战。既有宏观审慎监管制度唯有进行变革才能完成自身救赎。为此,宏观审慎监管制度需要将进入金融业的传统金融机构之外的新型机构纳入约束范围,同时开发出跟踪、监测金融数字化条件下的宏观审慎监测制度,变革宏观审慎监管措施及其实施制度,改革宏观审慎处置制度及宏观审慎监管体制,使之与金融数字化相适应。

After the 2008 global financial crisis, countries have adopted macroprudential regulatory systems, aimed at preventing systemic financial risks and avoiding the transmission of operational risks from financial institutions to the broader financial system and the real economy. However, with the advent of the digital revolution, the financial industry has undergone profound transformations, with the application of digital technologies leading to new financial models, business operations, and market structures that pose significant challenges to traditional macroprudential frameworks. In the digital age, sources of systemic financial risk have shifted from conventional financial institutions to newer carriers such as digital technologies, fintech companies, digital platforms, and digital infrastructure, which can disseminate risks more widely across markets and society. As a result, existing macroprudential regulatory systems face comprehensive challenges, particularly in terms of monitoring, regulatory measures, resolution mechanisms, and the overall regulatory framework. To address these challenges, reforms should be considered in several areas. (1) Expansion of regulatory scope: In addition to traditional financial institutions, novel financial entities should be included within the regulatory scope. (2) Development of monitoring systems: New monitoring systems and technological tools need to be developed to better track and monitor potential systemic risks under conditions of financial digitalization. (3) Adjustment of regulatory measures: Regulatory measures and their implementation methods should be adjusted in response to changes in systemic risks. (4) Reform of resolution mechanisms and regulatory frameworks: Existing resolution mechanisms and regulatory frameworks should be reformed to better accommodate the realities of financial digitalization. These reforms aim to ensure that the regulatory environment remains effective and adaptive in the face of rapid technological change and evolving financial landscapes.