中国货币政策和资本监管的协同作用——基于银行业的理论和实证分析

发布时间：2018-05-28 04:08

本文选题：货币政策 + 资本监管　；参考：《经济学家》2014年10期

【摘要】：我国货币政策和资本监管是相对独立的两个体系,有必要讨论二者在维护宏观经济和金融稳定上的配合问题,而这个问题在后危机时代尤为重要。本文通过一个简单的信贷模型分析了货币政策和资本监管协同作用的微观基础,并用1998—2012年我国商业银行的数据进行实证检验,发现:我国严格执行资本监管之后,对信贷的扩张确实有制约作用,而且对货币政策的传导有显著影响;资本越充足的银行信贷规模扩张越快,资本充足率低于监管要求(8%)的商业银行即使在扩张性货币政策下也放缓信贷增速。这意味着货币政策和资本监管联合操作的微观机制是存在的,在逆周期调控和控制金融风险上应充分发挥二者的协同作用。
[Abstract]:Monetary policy and capital supervision are two independent systems in China. It is necessary to discuss the coordination between them in maintaining macroeconomic and financial stability, which is particularly important in the post-crisis era. Based on a simple credit model, this paper analyzes the micro basis of the synergy between monetary policy and capital supervision, and makes an empirical test with the data of Chinese commercial banks from 1998 to 2012. It does have a restrictive effect on the expansion of credit and has a significant impact on the transmission of monetary policy; the more well-capitalized the bank's credit expansion, the faster it expands. Commercial banks with capital adequacy ratios below regulatory requirements) have slowed credit growth even under expansionary monetary policy. This means that the microcosmic mechanism of joint operation of monetary policy and capital supervision exists, and the synergy between them should be brought into full play in countercyclical regulation and control of financial risks.
【作者单位】：四川大学经济学院;复旦大学中国社会主义市场经济研究中心;
【基金】：国家自然科学基金项目“中国物价调整和变动的微观证据与特征分析”(71173149);国家自然科学基金项目“新兴市场经济周期与波动的特征及启示”(71473169);国家自然科学基金项目“结构宏观经济模型的估计与评价”(71473168)
【分类号】：F822.0;F832.1

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