摘要
本文分析了货币政策对银行信贷的传导机理,在此基础上,选取2006—2015年中国115家商业银行年度平衡面板数据,通过构建门限面板模型,对银行规模差异下货币政策对银行信贷传导的量价特征进行了实证分析。结果表明,银行信贷行为呈现逆周期性特征;银行规模对信贷增长呈边际递减的抑制作用,对贷款利率呈边际递增的促进作用,且银行规模是影响货币政策驱动下银行信贷行为差异的重要因素,信贷规模更易受法定存款准备金率的驱动,利率选择行为更易受M1增长率的驱动,但利差对信贷价量特征的影响均更大;M1对信贷增长呈边际递减的抑制作用;利差变动对贷款利率的抑制作用呈正"V"型的边际影响。该研究成果将为政府部门制定及实施差异化的货币政策提供重要的理论指导与决策参考。
This paper analyzes the transmission mechanism of monetary policy to bank lending. Firstly, adopting the annually balanced panel data of 115 domestic commercial banks from 2006 to 2015, it conducts an empirical research on the quantitative and price transmission characteristics of monetary policy by constructing threshold panel regression model, with the different size of banks taken into consideration . The research shows： bank lending behaviors in China are significantly counter-cyclical; bank size may diminish marginal effects on suppressing credit supply and increasing ones on promoting credit price, which is a significant factor that explains heterogeneous reactions of bank lending to monetary policy changes. While credit supply becomes more accessible with the adjustment of deposit reserve ratio, interest rates are more influenced by the growth of narrow money supply, yet neither is more effective than interest spreads. Interest spreads display V-shaped negative marginal relationship with credit price.
出处
《国际金融研究》
CSSCI
北大核心
2017年第12期53-64,共12页
Studies of International Finance
基金
国家自然科学基金重点项目"面向互联网金融服务平台的结构性理财产品风险测度与集成"(项目编号:71631008)
国家社科基金面上项目"银保协作模式下商业银行信用风险的生成
监测与防控研究"(项目编号:13BGL041)资助
关键词
货币政策
银行规模差异
信贷传导
量价特征
门限面板模型
Monetary Policy
Size Difference of Bank
Credit Transmission
Quantitative and Price Characteristics
Threshold Panel Regression Model
