我国货币政策信贷渠道存在性研究

发布时间：2018-05-27 05:29

本文选题：信贷渠道 + 资产负债表渠道　；参考：《南京师范大学》2012年硕士论文

【摘要】：货币政策传导机制的“信贷渠道”已经拓展出“银行信贷渠道”、“资产负债表渠道”和“金融加速器”三种理论,这分别从宏观、,中观和微观角度对货币政策传导机制进行分析,证明了信贷是影响经济增长的重要因素。因此,本文的主要内容是对“银行信贷渠道”、“资产负债表渠道”以及“金融加速器”进行理论上的分析,然后根据这三种理论对我国经济进行实证分析。理论分析表明除了利率、货币供应量的变化对宏观经济运行有影响之外,银行信贷也是影响宏观经济运行的重要因素。这表现在银行信贷规模的增加促进了经济的增长,银行信贷规模的减少减缓了经济的增长。通过对我国国内生产总值、货币供应量与信贷规模三者之间的实证分析证明了银行信贷渠道存在于我国的货币政策传导过程中。然而,该分析仅仅初步说明了信贷渠道存在性问题,并没有分析信贷渠道是如何对经济实体造成影响的造成。在实际经济运行中,银行受到来自货币当局和监管当局的双重约束,货币当局通过存款准备金率控制银行的信贷规模,监管当局出于防范风险的原因对银行的资本负债表有着严格的要求,资本充足率必须满足监管当局的要求,这间接地要求银行贷款的发放不能超过一定的规模,否则监管当局就可能对银行采取一定的行动迫使其满足资本充足率的要求。因此,银行的信贷行为受到更多的约束,对经济的影响将更加复杂。如果监管当局采取的资本充足率要求很低,货币当局采取宽松的货币政策,在经济的增长阶段中银行将大规模增加贷款,这将很大的刺激经济的增长；如果监管当局有着严格的资本充足率要求,即使货币当局放宽货币政策也不能促进银行贷款规模的发放,也就不能促进经济的增长,甚至在经济的衰退阶段将强化经济衰退的过程。通过对我国经济的实证分析,证实了上述的结论。宏观经济运行是一个连续不断发生的过程,微观经济体的运行将最终影响到宏观经济。本文假设家庭采用了内含货币效用的消费函数、货币当局采取泰勒规则以及厂商建立内含金融加速器思想的生产函数,因此建立动态随机一般均衡(DSGE)模型。通过这个模型我们发现信贷冲击将对宏观经济造成很大影响.通过运用Matlab软件中的dynare程序包,我们得出了“金融加速器”在我国存在的可能性以及造成影响的结果。
[Abstract]:The "credit channel" of the monetary policy transmission mechanism has developed three theories, namely, "bank credit channel", "balance sheet channel" and "financial accelerator". This paper analyzes the transmission mechanism of monetary policy from macro, meso and micro perspectives, and proves that credit is an important factor affecting economic growth. Therefore, the main content of this paper is the theoretical analysis of "bank credit channel", "balance sheet channel" and "financial accelerator", and then carries on the empirical analysis to our country's economy according to these three kinds of theories. Theoretical analysis shows that in addition to the interest rate, the change of money supply has an impact on the macroeconomic operation, bank credit is also an important factor affecting the macroeconomic operation. This is reflected in the increase in the size of bank credit that has contributed to economic growth, and the reduction in the size of bank credit has slowed economic growth. Through the empirical analysis of GDP, money supply and credit scale, it is proved that bank credit channels exist in the transmission process of monetary policy in China. However, this analysis only shows the existence of credit channels, and does not analyze the impact of credit channels on economic entities. In the actual operation of the economy, banks are subject to dual constraints from the monetary authorities and the regulatory authorities, which control the size of the bank's credit through the reserve requirement ratio. The regulatory authorities have strict requirements on banks' capital balance sheets for reasons of risk prevention, and capital adequacy ratios must meet the regulatory authorities' requirements, which indirectly requires that bank loans should not be issued on a larger scale. Otherwise, regulators may take action against banks to force them to meet capital adequacy requirements. Therefore, the bank's credit behavior is subject to more constraints, the impact on the economy will be more complex. If the capital adequacy requirement is very low, the monetary authority adopts the loose monetary policy, the bank will increase the loan in the economic growth stage, this will stimulate the economic growth greatly; If regulators have strict capital adequacy requirements, even monetary easing will not boost the size of bank lending and economic growth. Even in the recession phase of the economy will strengthen the process of recession. Through the empirical analysis of China's economy, confirmed the above conclusions. The operation of macro-economy is a continuous process, and the operation of micro-economy will ultimately affect the macro-economy. This paper assumes that the family adopts the consumption function with monetary utility, the monetary authority adopts the Taylor rule and the manufacturer establishes the production function with the idea of financial accelerator, so the dynamic stochastic general equilibrium model is established. Through this model, we find that credit shocks will have a great impact on the macro economy. By using the dynare package in Matlab software, we obtain the possibility of the existence of "financial accelerator" in China and the results of its influence.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.4

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