监管压力、经济周期与宏观审慎政策效果

发布时间：2018-03-18 04:28

本文选题：资本缓冲　切入点：监管压力　出处：《经济理论与经济管理》2017年10期 　论文类型：期刊论文

【摘要】：本文基于我国52家主要银行2007—2015年的面板数据,考察了监管压力和经济周期对宏观审慎政策效果的影响。相关实证结果表明:(1)监管压力的上升能够显著促使银行增加资本缓冲,逆周期的宏观审慎政策在总体是有效的。(2)监管压力的上升会促使银行加快其资本缓冲的调整速度,这在城市商业银行和农村商业银行等中小银行表现得尤为明显。(3)经济周期会对宏观审慎政策的有效性产生一定影响,但这一影响在不同性质的银行中有所不同。对于国有商业银行和股份制商业银行,经济上行期的政策效果相对较弱,而在经济下行期,政策效果相对较强。对于城市商业银行和农村商业银行,经济周期的影响恰好相反。(4)在顺周期性机制下,银行行为存在过度承担风险以获取高收益的倾向,通过提升监管压力可以有效抑制这一倾向,从而促使银行降低风险,提高稳定性。
[Abstract]:Based on panel data of 52 major banks in China from 2007 to 2015, this paper examines the effects of regulatory pressure and economic cycle on macro-prudential policies. The empirical results show that the rise of regulatory pressure can significantly promote banks to increase capital buffers. Countercyclical macroprudential policies are generally effective.) rising regulatory pressure will prompt banks to speed up the adjustment of their capital buffers. This is particularly evident in small and medium-sized banks such as urban commercial banks and rural commercial banks.) the economic cycle will have a certain impact on the effectiveness of macro-prudential policies. However, this effect is different among banks of different natures. For state-owned commercial banks and joint-stock commercial banks, the effect of policies in the upward period of the economy is relatively weak, while in the period of economic downturn, For urban commercial banks and rural commercial banks, the impact of the economic cycle is the opposite. By increasing regulatory pressure, banks can effectively curb this propensity to reduce risk and improve stability.
【作者单位】：中国人民大学中国财政金融政策研究中心;中国人民大学财政金融学院;
【基金】：中国人民大学科学研究基金项目“中国财政金融政策前沿问题研究”(17XNQJ01)的资助
【分类号】：F124.8;F832.1

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