中国货币政策传导机制考量:银行信贷渠道的有效性与合理性

On Effectiveness of Chinese Monetary Policy through Bank-Lending Channel

近年来,中国银行规模增长迅速,很多学者把研究重点转向信贷市场,认为它在货币政策影响实际经济的传导机制中扮演重要角色。基于银行季度面板数据,采用固定效应模型检验中国银行信贷渠道的有效性,并对其合理性进行分析,结论认为中国信贷渠道在货币政策的传导过程中是有效的,目前的数量型货币政策调控仍十分重要。同时应当加强利率市场化进程并强化资本充足率对银行的约束作用,逐步减少对使用法定准备金率这一政策工具的依赖。

In recent years, with the rapid growth of bank size, many scholars have focused their research on the credit market, which plays an important role on the real economy in the transmission mechanism of monetary policy. This article uses panel data of the banks, testing the effectiveness and the reasonableness of bank credit channel with the fixed-effect mode. This article concludes that Chinese bank-lending channel is effective in monetary policy transmission, current quantitative type monetary policy is still very important, and we should hasten the process of marketization of interest rates, .execute the capital adequacy ratio of bank management and reduce the use of required reserve ratios.