结构性货币政策、银行流动性与信贷行为

发布时间：2018-11-15 10:39

【摘要】：近年我国经济发展进入新常态,货币政策工具也在向价格型转变。2013年以来,我国推出了常备借贷便利(SLF)、短期流动性调节工具(SLO)、抵押补充贷款(PSL)和中期借贷便利(MLF)等一系列具有结构性调节作用的货币政策工具。目前这些结构性货币政策的实施时间还比较短,实施效果需要进一步检验,因此文章以我国16家上市银行作为研究样本,选择常备借贷便利、短期流动性调节工具、中期借贷便利这三种工具作为研究对象,通过实证分析考察了三种结构性货币政策的实施对银行流动性及银行信贷的影响。研究结果表明,结构性货币政策会降低银行的流动性,促进贷款规模的增加;而银行性质、银行体系流动性状况和货币政策取向会对常备借贷便利的实施产生影响。
[Abstract]:In recent years, China's economic development has entered a new normal, monetary policy tools are also changing to price-oriented. Since 2013, China has launched the standing loan facility (SLF), short-term liquidity adjustment tool (SLO),. A series of monetary policy instruments, such as mortgage supplementary loan (PSL) and medium-term lending facility (MLF), have a series of structural adjustment functions. At present, the implementation time of these structural monetary policies is relatively short, and the effect of implementation needs to be further tested. Therefore, this article takes 16 listed banks in China as the research sample, and chooses the standing loan facilities and short-term liquidity adjustment tools. The paper studies the effect of the implementation of three structural monetary policies on bank liquidity and bank credit through empirical analysis. The results show that structural monetary policy can reduce the liquidity of banks and promote the increase of loan size, while the nature of banks, the liquidity status of the banking system and the monetary policy orientation will have an impact on the implementation of standing lending facilities.
【作者单位】：山东财经大学金融学院;山东大学经济学院;
【基金】：国家社会科学基金重大招标项目(12&ZD069) 国家自然科学基金(71272119)的资助和支持
【分类号】：F822.0;F832.4

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