宏观审慎政策溢出效应研究:微观企业融资视角

Study on the Spillover Effect of Macro-prudential Policies:Tthe Perspective From Financing of Micro-enterprises

随着宏观审慎政策在全球范围的频繁使用,宏观审慎政策溢出效应受到越来越多的关注。本文利用2000年至2016年宏观审慎政策数据和33个新兴经济体1771家企业银团贷款数据,实证研究了宏观审慎政策对新兴经济体企业融资的溢出效应。结果显示,宏观审慎政策对新兴经济体企业融资具有显著溢出效应。随着牵头行所在经济体实施宏观审慎政策,新兴经济体企业银团贷款利率将显著增加。进一步研究发现,新兴经济体无法通过资本账户开放、放宽货币政策和法律环境建设降低宏观审慎政策溢出效应,但可实施宏观审慎政策降低其他经济体宏观审慎政策的溢出效应。

With the implement of macro-prudential policies frequently,the spillover effect of macro-prudential policies has attracted public attention.This paper empirically studies the spillover effect of macro-macro policies on micro-enterprises’financing with macro-prudential policy data and the syndicated loan data in 33 emerging economies from 2000 to 2016.The results show that:Firstly,macro-prudential policies have significant spillover effects on microenterprises’financing in emerging economies.As the implement of macro-prudential policies in the lead banks’economies,the interest rate of the syndicated loan of enterprises in emerging economies will increase significantly.Secondly,emerging economies can not reduce or eliminate the spillover effect of macro-prudential policies through capital account opening,monetary policy,and legal environment construction.Thirdly,the implement of macroprudential policies in emerging economies can effectively reduce the spillover effect of macro-prudential policies in other economies.