论信贷配给对我国货币政策的影响
发布时间：2018-10-24 16:50
【摘要】：经济学家对信贷市场的关注和研究几乎贯穿经济学的整个发展过程。Stiglitz和Weiss于1981年在关于信贷配给的那篇经典论文中指出商业银行信贷配给行为需要具备两个前提条件,一是商业银行的贷款利率是市场化的,二是利率对企业的筛选机制是有效的。然而,与西方发达资本主义国家的市场经济不同的是,由于中国的信贷市场存在利率管制,信息不对称和制度环境不健全等因素,国家对特定的行业、企业或者项目进行保护支持,而中小企业贷款困难,我国的信贷配给呈现出“关系型”信贷配给的特征。因此本文根据中国的实际,界定了我国商业银行信贷配给的含义,分析其产生的原因,并从国内信贷占GDP比率,我国投资结构的变动,金融机构超额准备金率的变动等方面分析我国自1998年以来商业银行信贷配给程度的变化。 信贷配给作为商业银行的一种重要授信行为,具有顺周期波动的内生性,这与中央银行货币政策的逆周期目标发生冲突,从而削弱了货币政策的效果。本文先从理论上分析信贷配给对货币政策的影响,说明信贷配给对货币政策的效果具看非对称性和时滞效应,阐述在货币政策在信贷传导渠道中,紧缩的货币政策效果往往要强于扩张的货币政策效果；接下来分析我国自1998年以来在经济周期不同阶段的货币政策的实践中信贷配给对我国货币政策效果的影响。并运用Galbraith(1996)提出的计量模型,运用最大LM检验和最大t检验,计量我国从1998年1月至2010年12月期间能够反映我国信贷配给程度的“阈值”。结果表明：2003年7月至2007年12月期间信贷配给程度减轻,2008年1月至2010年12月期间信贷配给程度加重,呈现明显的顺周期特征,计量结果同样可以表明我国货币政策执行效果的非对称性。最后,本文从培育信贷市场主体、完善信贷市场的制度环境、改进金融监管等方面探讨了减轻信贷配给顺周期性的对策。 商业银行的信贷配给行为会直接影响信贷资金配置效率,从而影响到货币政策的效果。本文通过研究商业银行的信贷配给行为对货币政策的影响,使得在传统意义上属于微观经济学的银行行为理论在与传统上属于宏观经济学的货币理论和货币政策真正地通过货币政策的信贷传导渠道结合在一起。研究我国商业银行信贷配给行为,分析信贷配给对于货币政策的影响的机理,不仅有助于我们从微观基础上认识我国货币政策的性质及其影响经济的方式,进而采取合适的对策减轻商业银行信贷配给行为的顺周期性,提高货币政策在信贷渠道中传导的有效性；而且有助于我们更好地理解我国信贷市场存在的问题,以提高我国商业银行信贷资金的配置效率,解决我国中小企业融资难的困境。
[Abstract]:The attention and research of economists on credit market almost run through the whole development process of economics. In the classic paper on credit rationing in 1981, Stiglitz and Weiss pointed out that the behavior of credit rationing of commercial banks should have two preconditions. One is that the loan rate of commercial banks is market-oriented, the other is that the screening mechanism of interest rate is effective. However, unlike the market economy of the developed capitalist countries in the West, because of the interest rate control in China's credit market, the asymmetry of information and the imperfection of the institutional environment, the state has a particular industry. Enterprises or projects provide protection and support, but SMEs have difficulty in lending, so credit rationing in China presents the characteristics of "relational" credit rationing. Therefore, according to the reality of China, this paper defines the meaning of credit rationing of commercial banks in China, analyzes the reasons for its emergence, and analyzes the changes of the investment structure of our country from the ratio of domestic credit to GDP. This paper analyzes the changes of credit rationing degree of commercial banks in China since 1998 in terms of the change of excess reserve ratio of financial institutions. As an important credit granting behavior of commercial banks, credit rationing is inherently pro-cyclical, which conflicts with the countercyclical target of central bank monetary policy, thus weakening the effect of monetary policy. This paper theoretically analyzes the influence of credit rationing on monetary policy, explains that the effect of credit rationing on monetary policy is asymmetric and time-delay, and expounds that monetary policy is in the channel of credit transmission. The effect of tightening monetary policy is often stronger than that of expanding monetary policy. Then the paper analyzes the influence of credit rationing on the effect of monetary policy in China since 1998 in the practice of monetary policy in different stages of the economic cycle. Using the measurement model proposed by Galbraith (1996), using the maximum LM test and the maximum t test, this paper measures the "threshold" which can reflect the credit rationing degree in China from January 1998 to December 2010. The results show that the credit rationing degree decreased from July 2003 to December 2007, and increased from January 2008 to December 2010, showing an obvious pro-cyclical feature. The measurement results can also indicate the asymmetry of monetary policy enforcement effect in China. Finally, this paper discusses the countermeasures to reduce the pro-cyclicality of credit rationing from the aspects of cultivating the main body of credit market, perfecting the institutional environment of credit market and improving financial supervision and so on. The credit rationing behavior of commercial banks will directly affect the efficiency of the allocation of credit funds, thus affecting the effect of monetary policy. This paper studies the influence of the credit rationing behavior of commercial banks on monetary policy. It makes the banking behavior theory which belongs to microeconomics in the traditional sense combine with the monetary theory and monetary policy which belong to the macroeconomics in the traditional way through the credit transmission channel of monetary policy. Studying the behavior of credit rationing of commercial banks in China and analyzing the mechanism of the influence of credit rationing on monetary policy will not only help us to understand the nature of monetary policy and the ways of influencing the economy on the micro basis. Then we can take appropriate countermeasures to reduce the procyclicality of credit rationing behavior of commercial banks, improve the effectiveness of monetary policy transmission in credit channels, and help us better understand the problems existing in China's credit market. In order to improve the efficiency of the allocation of credit funds of commercial banks in China, solve the financing difficulties of small and medium-sized enterprises in China.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.4
本文编号：2291967
[Abstract]:The attention and research of economists on credit market almost run through the whole development process of economics. In the classic paper on credit rationing in 1981, Stiglitz and Weiss pointed out that the behavior of credit rationing of commercial banks should have two preconditions. One is that the loan rate of commercial banks is market-oriented, the other is that the screening mechanism of interest rate is effective. However, unlike the market economy of the developed capitalist countries in the West, because of the interest rate control in China's credit market, the asymmetry of information and the imperfection of the institutional environment, the state has a particular industry. Enterprises or projects provide protection and support, but SMEs have difficulty in lending, so credit rationing in China presents the characteristics of "relational" credit rationing. Therefore, according to the reality of China, this paper defines the meaning of credit rationing of commercial banks in China, analyzes the reasons for its emergence, and analyzes the changes of the investment structure of our country from the ratio of domestic credit to GDP. This paper analyzes the changes of credit rationing degree of commercial banks in China since 1998 in terms of the change of excess reserve ratio of financial institutions. As an important credit granting behavior of commercial banks, credit rationing is inherently pro-cyclical, which conflicts with the countercyclical target of central bank monetary policy, thus weakening the effect of monetary policy. This paper theoretically analyzes the influence of credit rationing on monetary policy, explains that the effect of credit rationing on monetary policy is asymmetric and time-delay, and expounds that monetary policy is in the channel of credit transmission. The effect of tightening monetary policy is often stronger than that of expanding monetary policy. Then the paper analyzes the influence of credit rationing on the effect of monetary policy in China since 1998 in the practice of monetary policy in different stages of the economic cycle. Using the measurement model proposed by Galbraith (1996), using the maximum LM test and the maximum t test, this paper measures the "threshold" which can reflect the credit rationing degree in China from January 1998 to December 2010. The results show that the credit rationing degree decreased from July 2003 to December 2007, and increased from January 2008 to December 2010, showing an obvious pro-cyclical feature. The measurement results can also indicate the asymmetry of monetary policy enforcement effect in China. Finally, this paper discusses the countermeasures to reduce the pro-cyclicality of credit rationing from the aspects of cultivating the main body of credit market, perfecting the institutional environment of credit market and improving financial supervision and so on. The credit rationing behavior of commercial banks will directly affect the efficiency of the allocation of credit funds, thus affecting the effect of monetary policy. This paper studies the influence of the credit rationing behavior of commercial banks on monetary policy. It makes the banking behavior theory which belongs to microeconomics in the traditional sense combine with the monetary theory and monetary policy which belong to the macroeconomics in the traditional way through the credit transmission channel of monetary policy. Studying the behavior of credit rationing of commercial banks in China and analyzing the mechanism of the influence of credit rationing on monetary policy will not only help us to understand the nature of monetary policy and the ways of influencing the economy on the micro basis. Then we can take appropriate countermeasures to reduce the procyclicality of credit rationing behavior of commercial banks, improve the effectiveness of monetary policy transmission in credit channels, and help us better understand the problems existing in China's credit market. In order to improve the efficiency of the allocation of credit funds of commercial banks in China, solve the financing difficulties of small and medium-sized enterprises in China.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.4
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