Housing market and financial market have close contact，House price fluctuations and credit expansion will pass the bank credit channel、Monetary policy channel、"Financial Accelerator" effect and other effects on systemic risks，Therefore, preventing and decomposing real estate financial risks is a systematic financial risk to prevent control and control、One of the important tasks of maintaining the stability of the financial system。After the financial crisis in 2008,，Britain, one of the global financial centers, suffers a major impact，After the crisis, Britain accelerates the reform of the financial regulatory system，Strengthen the macro -prudential management of real estate finance，Systemic risk caused by preventing the real estate market bubble，Ensuring stability of the financial system。

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After the outbreak of the financial crisis，British Based on strengthening financial stability、Objectives to improve the efficiency of financial supervision，Based on government laws and regulations，With the leading position of the Bank of England as the core，The main line is based on strengthening financial macro -prudential management，Continuously deepen the reform of the financial supervision system。

The UK established the Ministry of Finance since 1997、The "three -party co -governance" financial regulatory model composed of Bank of England and the Financial Services Bureau。But，Under the above institutional arrangement，Evaluation and monitoring of financial systemic risks did not get enough attention，​​and after the crisis, the lack of effective information Bet365 app download communication and coordination mechanism after the crisis occurs，Regulatory vulnerabilities and even gap in supervision，Effective impact on the financial industry。After the financial crisis，The British uses macro -prudential management as the main entry point for the reform of the financial regulatory bill，The 2009 Banking Law and the Financial Services Act (2012)，Clarified the core position of the Bank of England as the central bank in maintaining financial security，Expand its management scope and responsibilities，Monetary policy will be implemented、Maintain financial stability、The functions of regulating the real estate market are concentrated in Bank of England。The above reform is conducive to giving full play to the Bank of England in information collection、Sorting processing and other advantages，Meeting the requirements of data acquisition for macro -prudential supervision，At the same time, the legal system of financial supervision，It provides institutional guarantee for preventing systemic financial risks and real estate financial risks。

After the financial crisis，The United Kingdom has further strengthened the supervision of financial behavior，The financial behavior regulatory bureau shall supervise the business behavior of all regulators，Maintain the financial service market confidence。The financial department that is very important for maintaining financial stability，The dual supervision of the prudent regulatory bureau and the financial behavior regulatory bureau，Further strengthen the stability of financial institutions。Based on this，Britain has gradually established a "double peak supervision" mode where prudent supervision and behavior supervision are separated，While maintaining the stability of financial bet365 Play online games institutions while effectively protecting consumer rights，Further build a financial security network。

　　Coordination of macro -prudential and micro -prudential supervision

Careful supervision with micro -prudential is focused on different financial risks of a single institution，Macro financial prudent supervision focuses on the systemic risks that may be associated between individual financial institutions，Emphasizing the periodic management of time dimensions and the prevention of risk infection of financial institutions in structural dimensions。Micro -prudential supervision and macro -prudential supervision in policy goals、Management mode、There are differences in regulatory methods and regulatory focus。Both have different information advantages，Micro market information obtained by the micro -prudential department can recognize it for the macro -prudential department、Monitoring systemic risk lays a micro foundation，and the evaluation of systemic risks of the macro -prudential department can also provide a macro reference for the formulation of micro -prudential regulatory policies，Information sharing and coordination of macro and micro -prudential supervision can help improve the effectiveness and accuracy of decision -making，to identify more comprehensively、Preventing and resolving financial risks。

In the design of the regulatory agency，On the one hand, the British enhance the function of Bank of England through laws and regulations，Further enhances its right to speak and coordination at the macro -control level，On the other hand, there are three institutions in the Bank of England -Monetary Policy Committee、Career Supervision Committee and the Financial Policy Committee，Unified macro -prudential supervision and micro -prudential supervision under the management of Bank of England，Allow Bank of England to complete most Bet365 app download of the coordination work。Where，The Monetary Policy Committee is responsible for the formulation and implementation of monetary policy，Career Supervision Committee is responsible for micro -prudential supervision，The Financial Policy Committee is the main body of the British macro -prudential management，Mainly through real estate regulation、Learn regulation and risk monitoring and test indicators identify systemic risks、Monitoring and resolution，Then improve the stability of the financial system。The setting of the above agency has greatly reduced policy coordination costs，Make the three major institutions responsible in the process of risk prevention，cooperate with each other，While reducing the potential conflict of macro -prudential and micro -prudential regulatory policies, give full play to its complementary role，Organic integration of two kinds of supervision，To give full play to the best policy effect。

　Optimize the means of macro -prudential regulation of real estate

After a long period of theoretical exploration and practice of the British government，The policy goals of the macro -prudential of real estate finance are more clear，Policy tools are continuously enriched，Make significant results in the aspects of stable housing prices and regulating real estate credit scale。

First，Design diversified real estate finance macro -prudential management tools。The British Financial Policy Commission in accordance with the "Draft Guidance Policies of Real Estate Policy Tools on Real Estate Policy Tools"，A series of macro -prudential supervision policies specifically targeted at real estate financial risks，Based on this，To manage real estate companies、The residential department、The leverage of the bank is the core，Introduction of the mortgage loan standard、Loan value bet365 Play online games ratio、Real estate policy tools such as debt income ratio and interest coverage，Strictly limit the high leverage in the housing market。Where，Loan value ratio is one of the more widely used tools，The value ratio of the loan value can not only regulate house prices，It can also reduce the leverage rate of financial institutions，Prevention of systemic financial risks。Debt income ratio is also an important tool for the macro -prudential supervision of real estate finance in the UK，Bank of England stipulates that the debt income ratio ratio is the ratio of the borrower's non -repayment of debt to its annual income，And issued the debt income ratio of all companies with qualifications for the approval of housing mortgage loans。Practice proof，Debt income ratio to adjust and control the scale of real estate mortgage loans，To a certain extent, inhibit real estate credit overheating，At the same time, stabilize the expectations of the market entity，Enhance the stability and toughness of the real estate financial system。

2，Pay attention to the use of different policy tools，Give full play to the "synergy effect" between real estate regulation tools。Continuous policy tools，Provides more operating space for macro -prudential management of real estate finance。In practice，The British Financial Policy Committee also flexibly match the above policies，While reducing the systemic risks that the real estate financial risk may be triggered，A possible impact of reducing policy behavior on the macro economy。Financial Policy Committee changes in the economic situation and regulation targets，Optimized combination of macro -prudential supervision policy tools，While effectively supervising the real estate market finance, try to reduce the impact on the real economy。

After the financial crisis,，UK first through deepening the reform of the financial bet365 live casino games regulatory system，The main line is based on strengthening financial macro -prudential management，Established a financial regulatory framework dominated by Bank of England，Provide institutional guarantee for macro -prudential management of real estate finance。Next，Created a dynamic、Open policy tools，and use the flexible matching of real estate macro -prudential regulation policies，Effectively stabilized house prices and controlled the scale of credit。again，The "double peak supervision" mode that has been separated by prudent supervision and behavior supervision，While improving the stability of financial institutions while maintaining consumer interests, it is better to protect the interests of consumers。Last，Through institutional settings、Normal information communication and personnel in personnel，Coordination and coordination of real estate macro -prudential and micro -prudential supervision，reduced policy coordination cost，Improving supervision efficiency。but，Under the above -mentioned real estate finance macro -prudential supervision framework，Most of the supervision responsibilities are concentrated in the Bank of England as the Central Bank，This may lead to the lack of independence of monetary policy and macro -prudential regulatory policy。other，Financial Behavior Regulatory Bureau and the prudent supervisory bureau's tasks and responsibilities in crisis response and daily supervision overlap，If lack of effective coordination management mechanisms，It may cause repeated supervision problems。

(This article is the major topic of the Ministry of Education and Social Science Research on Philosophy and Social Sciences Research Project "Research on Financial Social Risk under the perspective of localization of social sciences" (21jzd024) phased results)

(Author Unit: Hunan University School of Marxism; New Urbanization and Real Estate Research Center of Hunan University)