我国货币政策信贷渠道研究——基于贷款供给函数的再考察

Research on Credit Channel of China's Monetary Policy:Reflection Based on Loan Supply Function

货币政策"信贷渠道"是基于价格传导机制的放大效应,不能将其与"信贷配给"相混淆,而应理解为直接通过信贷供给的变动作用于实体经济的数量传导机制。运用CC-LM模型和贷款供给函数分析我国货币政策信贷渠道传导机制,并运用动态广义矩方法进一步估计我国货币政策贷款供给函数后得知:第一,虽然我国满足"信贷渠道"必须的金融摩擦条件,但是其所依附的价格传导机制并不畅通,无法放大货币政策的效果。第二,我国垄断性的银行业结构会影响货币政策的信贷传导机制。因此,未来的货币政策渠道将以规范化的利率渠道作为货币政策传导的主体,而信贷渠道应作为货币政策传导的"辅助性"机制存在。

The＂credit channel＂of monetary policy is the amplified effect based on the price transmission mechanism,which cannot be confused with the＂credit rationing＂;it should be understood as a direct effect through changes in the supply of credit on the quantity transmission mechanism in the real economy.By adopting the CC-LM model and loan supply function to analyze the credit channel of the transmission mechanism of China＇s monetary policy,and by making use of the dynamic generalized method of moments to further estimate the loan supply function of China＇s monetary policy,it is revealed that,firstly,although China has met the financial friction conditions required by the＂credit channel＂,the price transmission mechanism they depend on is not smooth,not being able to amplify the effects of the monetary policy;secondly,the monopoly banking structure of China would affect the credit transmission mechanism of monetary policy.Therefore,the future monetary policy channel will take the standardized interest rate channel as the main body of the monetary policy transmission,while the credit channel should exist as the＂auxiliary＂mechanism of monetary policy transmission.