货币政策立场与银行风险承担--基于中国银行业的实证研究(2000--2010)

Monetary Policy Stance and Bank Risk-taking:An Empirical Study of Banking Industry in China(2000—2010)

本文基于中国2000—2010年间的经济金融数据,应用动态面板系统广义矩法,考察我国货币政策立场对银行风险承担的影响。结果显示,货币政策立场显著影响银行风险承担,且受市场结构及商业银行资产负债表特征的影响。这说明从金融稳定的视角来看,货币政策并非中性,我国应将货币政策纳入宏观审慎监管框架,加强其与金融监管政策的协调配合,以促进经济金融稳定。

This paper, based on a recent literature survey together with the economic and financial evidence from 2000-- 2010 in China, explores the effect of monetary policy stance on banks＇ risk taking with the method of systemic GMM for dynamic panel data. The empirical result shows that the bank risk-taking is significantly influenced by monetary stance as well as market structure and the balance sheet quantities of commercial banks, which indicates that monetary policy is not neutral from a perspective of financial stability and its decision should be made in the framework of macro-prudential regulation, moreover, coordination between monetary policy and financial supervision should be enhanced to facilitate the stability of economy and finance.