摘要
本文从银行资产负债表的分项及其综合视角系统地论述了资本账户开放对银行风险的影响机制。在银行资产层面,资本账户开放导致资金流入、流出规模及频率大幅增加,从而加剧了国内金融市场和实体经济的风险,并通过信贷需求摩擦机制对银行资产端造成风险。在银行负债层面,资本账户开放一方面通过拓宽海外投资渠道降低银行业零售存款吸收能力;另一方面通过作用于不同金融周期阶段下的批发融资(国外借贷和银行间直接借贷业务)来影响银行杠杆,导致银行脆弱性增加,银行负债面临较大流动性风险。在银行资本层面,资本账户开放可能加剧银行股价波动,从而影响银行资本端风险,进而在风险共担效应下通过改变银行融资成本的方式影响银行风险。在银行业直接和间接业务关联而形成的金融网络中,上述风险仍会相互传染,进而推升银行业系统性风险。
This paper discusses the influence mechanism of capital account opening on bank risk systematically from the sub-items and comprehensive view of bank balance sheet. From the aspect of bank assets, the capital account opening leads to a large increase of capital inflow and outflow, which aggravates the risks of domestic financial market and real econo- my and further causes the risk of bank assets through credit demand friction mechanism. For bank liabilities, capital account opening, on the one hand, reduces banks＇ absorptive capacity for retail deposits by widening the channels of overseas invest- ment. On the other hand, capital account opening affects bank leverage through wholesale financing （foreign loans and inter- bank direct borrowing） on different financial cycle stages, and leads to increased bank fragility. In this way, bank liabilities face greater liquidity risk. At the level of bank capital, the capital account opening may exacerbate the fluctuation of banks＇ stock prices and affect banks＇ capital risk, which will affect banks＇ risks by changing banks＇ financing cost. In the financial network formed by direct and indirect inter-bank business linkage, the above risks will also be contagious to each other, thus pushing up the systemic risk of the banking industry.
出处
《国际金融研究》
CSSCI
北大核心
2017年第11期33-43,共11页
Studies of International Finance
基金
教育部重大攻关项目(项目编号:14JZD016)
教育部一般项目(项目编号:15YJA790090)资助
国家自然科学基金青年项目(项目编号:71503290)
中央财经大学青年科研创新团队支持计划"国际货币金融体系改革与人民币国际化"
关键词
资本账户开放
银行风险
传导机制
银行间业务关联
Capital Account Opening
Bank Risk
Conduction Mechanism
｜nterbank Business Linkage
