Monetary Policy Instruments and Bank Risks in China

Zhongyuan Geng; Xue Zhai

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Monetary Policy Instruments and Bank Risks in China

机译：中国的货币政策工具和银行风险

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摘要

The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second largest and the open market operation the weakest. Their findings provide guidance to the monetary authority and regulatory authorities in monetary policy and banking regulation in China.

机译：作者使用面板数据回归模型研究了1998年至2011年间主要货币政策工具对中国商业银行风险的影响。利率对银行风险有正向影响，而利率，准备金率和未平仓利率对市场运作有负面影响。在这三种货币政策工具中，存款准备金率对银行风险的影响最大，利率（利率保证金）次之，而公开市场操作的影响最弱。他们的发现为中国的货币政策和银行监管向货币当局和监管当局提供了指导。

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来源
《International journal of Asian business and information management》 |2013年第2期|57-71|共15页
作者
Zhongyuan Geng; Xue Zhai;
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作者单位

School of Management, Harbin Institute of Technology, NanGang District,Harbin, P.R. China;

School of Management, Harbin Institute of Technology, NanGang District, Harbin,P.R. China;

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原文格式 PDF
正文语种 eng
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关键词
Bank Risks; Interest Rate; Interest Rate Margin; Monetary Policy; Open Market Operation; Reserve Requirement Ratio;

机译：银行风险;利率;利率保证金;货币政策;公开市场运作;准备金比率;

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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。

Monetary Policy Instruments and Bank Risks in China

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