摘要
在新冠肺炎疫情冲击下,银行信贷投放更为审慎,中小企业面临融资困境。中国人民银行创设直达式货币政策工具,开创信贷可得性调控先河。本文从信贷配给视角切入,构建引入内生信贷配给强度设定的DSGE模型,分析了直达工具的金融功能与调控效果。研究显示,内生信贷配给强度发挥了金融加速效应,放大了初始冲击的影响。降息、降准对于改善信贷配给效用很小。直达工具可以立竿见影且强效的提升贷款可得性,在增进产出、提振就业等方面比传统调控工具存在比较优势,但"直达工具"依赖于传统工具提供的宽松货币金融环境。未来需拓宽"直达工具"的支持领域,建立直达实体的长效机制。
Since the outbreak of COVID-19 pandemic,banks are more prudential in lending credit,and the decline in loan availability has caused Chinese SMEs to face severe survival crisis.This situation raises the requirements of regulating loan availability for SMEs.In response,China’s central bank creates two direct-to-entity monetary policy tools,the"Inclusive SMEs Loan Extension Support Tool"and"Inclusive SMEs Credit Loan Support Program",considered as precedent of"credit availability"regulation.This paper firstly demonstrates the endogeneity of credit rationing intensity,and then puts forward a financial acceleration mechanism based on endogenous credit rationing intensity.During the economic downturn period,banks will review loans more prudentially and strengthen credit rationing.SMEs withdraw from market due to financing difficulties,which in turn leads to further macroeconomic recession.With the condition of credit rationing,it is difficult for traditional monetary policy tools to effectively perform counter-cyclical regulation.Subsequently,this paper constructs a DSGE model that introduces endogenous credit rationing intensity,thus verifying the existence of credit-rationing-driven acceleration mechanism,and examines the effect of"direct tools"in regulating economy.Bayesian factor analysis shows that China’s economic data supports the financial acceleration effect caused by endogenous credit rationing,which amplifies the economic impact of the initial shock.Traditional monetary policy tools such as interest rate cuts and required reserve ratio cuts have little utility in improving loan availability,which introduces the necessity of"direct tools".The"direct tools"can improve loan availability immediately and effectively,with comparative advantages in increasing output,boosting employment,and promoting consumption.Besides,such tools can avoid the outputinflation dilemma of demand management measures.This paper suggests that in the future,the structural monetary policy instrument system should be improved,especiall
作者
赵亮
沈坤荣
Zhao Liang;Shen Kunrong(Economic School,Anhui University;Business School,Nanjing University)
出处
《国际金融研究》
CSSCI
北大核心
2021年第9期86-96,共11页
Studies of International Finance
基金
国家社会科学基金重大项目“我国高质量发展的能力基础、能力结构与推进机制研究”(19ZDA049)
国家社会科学基金重大项目“经济发展新常态下中国金融开放、金融安全与全球金融风险研究”(17ZDA037)资助。
