Effects of banking sector and capital market development on the bank lending channel of monetary policy: An ASEAN country case study

Attasuda Lerskullawat

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Effects of banking sector and capital market development on the bank lending channel of monetary policy: An ASEAN country case study

机译：银行业和资本市场发展对货币政策银行借贷渠道的影响：东盟国家案例研究

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This paper examines the bank lending channel of monetary policy transmission and the effect of banking sector and capital market development on the lending channel using the bank-level panel data of 89 commercial banks in five ASEAN countries (Thailand, Malaysia, the Philippines, Singapore and Indonesia) over the period 1999–2011. The results show that monetary policy has a significant effect via the bank lending channel. The higher the capitalization and liquidity of banks, the weaker the effect of monetary policy via the bank lending channel; however, the greater the size of banks, the stronger the bank lending channel. Banking sector development in terms of banking activities and capital market development leads to a weaker effect of monetary policy through the lending channel, while the development of banks in terms of size strengthens the bank lending channel.

机译：本文使用五个东盟国家（泰国，马来西亚，菲律宾，新加坡和新加坡）的89家商业银行的银行面板数据，研究了货币政策传导的银行借贷渠道以及银行部门和资本市场发展对借贷渠道的影响。印度尼西亚）（1999-2011年）。结果表明，货币政策通过银行借贷渠道具有显着影响。银行的资本和流动性越高，通过银行借贷渠道的货币政策的效果越弱;但是，银行规模越大，银行的借贷渠道越强。就银行活动和资本市场发展而言，银行业的发展导致通过借贷渠道的货币政策的影响减弱，而就规模而言，银行的发展则加强了银行的借贷渠道。

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《Kasetsart Journal of Social Sciences》 |2017年第1期|共9页
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Attasuda Lerskullawat;
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中图分类社会学;
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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Effects of banking sector and capital market development on the bank lending channel of monetary policy: An ASEAN country case study

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