宏观审慎管理、金融摩擦与经济周期——基于准备金率工具的视角

发布时间：2018-01-28 17:53

本文关键词： 法定存款准备金生产率冲击银行杠杆率　出处：《当代经济科学》2017年03期 　论文类型：期刊论文

【摘要】：本文采用DSGE模型,考虑银行部门存在杠杆率监管约束的情况下,研究调整法定存款准备金率对宏观经济波动和信贷市场的影响。研究发现:将法定准备金率作为逆周期货币政策工具更倾向于放大银行部门和通货膨胀率的波动性,但是有利于稳定实体经济波动;在贷款价值比处于较高水平的情况下,上述结论依旧成立;时变法定准备金率的政策安排将会有效地降低银行部门的顺周期特征,有利于降低系统性金融风险发生的可能性。但是本质上来讲,法定存款准备金率的调整属于行政调控,并且在一定程度上扭曲了我国资金供求关系,造成融资效率损失并且放大了银行部门主要指标的波动性。
[Abstract]:In this paper, DSGE model is used to consider the leverage regulatory constraints in the banking sector. To study the impact of adjusting the required reserve ratio on macroeconomic fluctuations and credit markets. The legal reserve ratio as a counter-cyclical monetary policy tool is more likely to amplify the volatility of the banking sector and inflation rate. But it is advantageous to stabilize the real economy fluctuation; When the loan value ratio is at a high level, the above conclusion is still true; The policy arrangement of the time-varying statutory reserve ratio will effectively reduce the pro-cyclical characteristics of the banking sector and help reduce the possibility of systemic financial risk. But essentially speaking. The adjustment of legal reserve ratio belongs to administrative regulation and to a certain extent distorts the relationship between supply and demand of funds in China resulting in the loss of financing efficiency and magnifying the volatility of the main indicators of the banking sector.
【作者单位】：西南财经大学统计学院;国家统计局四川调查总队;
【基金】：教育部人文社会科学研究项目“R&D资产核算与卫星账户编制研究”(批准号:16YJC910002)
【分类号】：F113.7;F831.2
【正文快照】： 一、引言2008年金融危机之前,银行杠杆率的监管水平较低并且未纳入《巴塞尔协议Ⅱ》。但是,在金融危机发生之后,银行的高杠杆及其带来的相关风险成为监管部门和学术界广泛关注的热点。随后《巴塞尔协议Ⅲ》将杠杆率纳入监管体系,我国银监会也在2011年颁布《商业银行杠杆率管理

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