我国货币政策信贷渠道研究——基于贷款供给函数的再考察

发布时间：2018-05-22 18:11

  本文选题：货币政策 + 信贷渠道　； 参考：《当代财经》2010年11期

【摘要】：货币政策"信贷渠道"是基于价格传导机制的放大效应,不能将其与"信贷配给"相混淆,而应理解为直接通过信贷供给的变动作用于实体经济的数量传导机制。运用CC-LM模型和贷款供给函数分析我国货币政策信贷渠道传导机制,并运用动态广义矩方法进一步估计我国货币政策贷款供给函数后得知:第一,虽然我国满足"信贷渠道"必须的金融摩擦条件,但是其所依附的价格传导机制并不畅通,无法放大货币政策的效果。第二,我国垄断性的银行业结构会影响货币政策的信贷传导机制。因此,未来的货币政策渠道将以规范化的利率渠道作为货币政策传导的主体,而信贷渠道应作为货币政策传导的"辅助性"机制存在。
[Abstract]:The monetary policy "credit channel" is based on the amplification effect of price transmission mechanism, which can not be confused with "credit rationing", but should be understood as the quantitative transmission mechanism acting directly on the real economy through the change of credit supply. CC-LM model and loan supply function are used to analyze the transmission mechanism of monetary policy credit channel in China, and the dynamic generalized moment method is used to further estimate the supply function of monetary policy loan in China. The results are as follows: first, Although our country satisfies the necessary financial frictional condition of "credit channel", the price transmission mechanism it depends on is not smooth and can not amplify the effect of monetary policy. Secondly, the monopoly banking structure will affect the credit transmission mechanism of monetary policy. Therefore, the future monetary policy channel will take the standardized interest rate channel as the monetary policy transmission main body, but the credit channel should be the monetary policy transmission "auxiliary" mechanism to exist.
【作者单位】： 南开大学经济学院金融系;
【基金】：教育部重大攻关项目(09JZD0016),教育部重点研究基地重大项目(2009JJD790027) 国家自然科学基金项目(70773061)
【分类号】：F822.0
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本文编号：1923114