摘要
规范发展的网络借贷是实现普惠金融的有效路径,本文研究了货币政策的变化将如何影响网络借贷发展。首先,本文基于理论视角分析了网络借贷通过监管套利路径和资产价格渠道能够有效弥补紧缩性货币政策引起的正规金融信贷不足,网络借贷是正规金融的有效替代。其次,货币政策通过银行信贷渠道和机会成本渠道影响网络借贷市场的融资成本,货币政策的收紧将增加网络借贷市场的融资成本。最后,货币政策基于风险承担渠道和资产价格渠道,影响网络借贷市场的违约风险,货币政策的收紧放大了网络借贷市场风险。本文借助“人人贷”网络借贷平台的微观数据和货币政策的宏观数据进行实证研究,实证研究发现与理论分析基本吻合。本文的研究对于推进普惠金融的供给侧改革,具有一定的参考价值。
Standardizing the development of peer-to-peer lending is an effective way to develop inclusive finance.This paper studies how monetary policy may affect peer-to-p eer lending development.First,theoretically,peer-to-p eer lending can effectively compensate for the lack of formal financial credit caused by a tight monetary policy through regulatory arbitrage and asset price,which is an efficient substitute for formal finance.Second,through bank credit and opportunity cost,the tightening of monetary policy will increase the financing cost of the peer-to-peer lending market.Third,through risk-taking channels and asset price channels,the tightening of monetary policy will amplify the default risk of the peer-to-peer lending market.Finally,the characteristics of the borrower may influence the regulatory role of monetary policy on the peer-to-peer lending market.Using the data of“Renrendai”and monetary policy,the empirical results are consistent with the theoretical analysis.This paper contributes to the practice of inclusive finance and the integration of peer-to-peer lending into the monetary policy.
作者
梁洪
张晓玫
Liang Hong;Zhang Xiaomei
出处
《国际金融研究》
CSSCI
北大核心
2019年第9期10-19,共10页
Studies of International Finance
基金
国家自然科学基金面上项目“利率市场化视角下金融发展、货币政策对网络借贷的影响研究”(71873104)资助
关键词
普惠金融
货币政策
网络借贷
违约风险
Inclusive Finance
Monetary Policy
Peer-to-Peer Lending
Default Risk
