摘要
本文立足于中国转轨经济中的信贷市场,强调制度性因素对银行贷款决策和资产选择行为的影响,通过建立一个银行资产选择模型,将这些制度性因素的影响内生化,利用广义的边际分析,分析了在不确定性条件下,中国商业银行贷款变动的原因以及由此导致的结构性信贷配给机制,并且指出,在中国以银行间接金融为主导的金融市场上,银行决策者在不确定性条件下根据自身的偏好和效用函数而作出的相对独立的贷款决策和资产选择行为,不仅可能导致货币政策失效,还可能对经济运行和经济增长的质量产生独立的影响。
This paper explores the function of China＇s credit markets under conditions of uncertainty. It does this by developing a bank assets choice model that consists of endogenous parameters of social system. On the basis of the model and some substantial evidence of bank lending materials, it concludes that there is a structural credit rationing mechanism in China＇s transition economy. It further argues that in China＇s financial market such monetary policy will not only cease to be effective, but also change economy and its increase.
关键词
制度性因素
贷款决策
银行资产选择
结构性信贷配给
systematic parameters
lending decision
bank assets choices
structural credit rationing
