摘要
在老龄化背景下,对货币政策与国有银行流动性之间关系进行实证分析。结果表明,在长期,老龄化、法定存款准备金率、再贴现率、公开市场业务和国有银行流动性存在着均衡关系。每增加1%的老年抚养比,国有银行存贷比减少0.1979%。此外,上调法定存款准备金率和再贴现率会抑制国有银行的流动性;央行票据余额的提高则会促进国有银行的流动性。格兰杰因果检验表明,老龄化、再贴现率和央行票据余额是我国国有商业银行流动性的单向格兰杰原因,法定存款准备金率与国有银行流动性之间存在双向的格兰杰因果关系。
This paper makes an empirical analysis on the relationship between the monetary policy and the state -owned banks＇ liquidity under the background of aging population. The results show that there is an equilibrium relationship between the aging, the statutory deposit reserve ratio, the rediscount rate, the open market business and state - owned banks＇ liquidity in long - term. That is, each 1% increase in the elderly dependency ratio will cause the state - owned bank deposit - loan ratio decrease 0. 1979%. In addition, the central bank＇ raising the statutory reserve ratio and the rediscount rate will inhibit the liquidity of the state - owned banks. However, the central bank notes balance expansion will promote the liquidity of state - owned banks. The Granger causality test shows that aging, discount rate and the balance of central bank bills is one - way Granger reason of state - owned commercial banks＇ liquidity, and that there is a two - way Grainger causality between the legal deposit reserve ratio and state - owned banks＇ liquidity.
出处
《金融教育研究》
2016年第2期3-9,共7页
Research of Finance and Education
基金
江西财经大学2015年研究生创新项目(No.36)
