摘要
着重考察了中国货币政策传导的风险承担渠道的存在性。通过实证研究结果表明,在一个不可预期的货币政策冲击后,银行的风险承担意愿发生了一定程度的变化,证明在中国存在货币政策风险承担渠道。这些发现表明:从金融稳定的角度,中国的货币政策不是中性的;中国的中央银行负有宏观审慎监管系统性风险的责任。
In this paper,we examine the existence of risk-taking channels of monetary policy in China by using a FAVAR model and a 2000-2012 unbalanced panel dataset. The conclusion is that,after an unexpected monetary policy shocks,to some extent,the willingness of risk-taking of banks have changed. These findings indicate that in China,the monetary policy is not neutral from a financial stability perspective in the meanwhile,China＇s central bank bears the responsibility of macro-prudential supervision of systemic risk.
出处
《西北大学学报（哲学社会科学版）》
CSSCI
北大核心
2017年第5期95-99,共5页
Journal of Northwest University：Philosophy and Social Sciences Edition
关键词
货币政策
风险承担渠道
金融稳定
monetary policy
risk-taking channel
financial stability
