银行资本约束下的货币政策传导机制研究

Monetary Transmission Mechanism Affected by Bank Capital Requirements

本文在Tanaka的分析框架基础上,引入贷款市场信贷配给的特点,在货币政策调整与银行资本约束的双重约束下,研究了贷款市场、货币市场、债券市场与商品市场的均衡,分析了货币政策在银行资本约束规制下的特殊传导路径与效果,并利用中国的数据进行了仿真模拟。研究结论显示,单一的货币政策的短期效应副作用明显,调整成本高昂;而考虑了资本约束的货币政策实施机制,其政策效果将会明显提高。银行资本约束可以改变货币政策的传导路径,同时具有降低风险限峰修复的功能。

This paper analyzes how capital requirements affect monetary transmission by introducing the feature of credit rationing in the equilibrium in bank lending market, money market, bond market, and commodity mar ket. It then conducts a corresponding simulation with Chinese data. It shows that, in terms of short term poli cy effects, traditional monetary policy has obvious side effects with a high adjustment cost. The effcctiveess cf the policy could be significantly enhanced once bank capital requirements are taken into consideration in the policy design. In particular, since the capital requirements changes banks＇ risk taking behavior, they could relieve the over competition in the deposit market and lending market, and thus help the monetary policy to a chieve its objective at a lower cost.