商业银行表外业务对货币政策的影响研究

Research on the Impacts of Commercial Banks' Off-balance Sheet Business on Monetary Policy

本文在深入分析商业银行表外业务现状及趋势的基础上,探讨了我国商业银行表外业务的发展对于货币政策传导效果的影响。研究发现,商业银行表外业务对于不同的货币政策实施效果的影响是非对称的。在紧缩性货币政策背景下,表外业务扩张迅速,其业务扩张会削弱货币政策的实施效果;在扩张性货币政策背景下,表外业务发展缓慢,对货币政策的实施效果影响不明显。为此,本文对实施货币政策提出了相应建议。

Based on the deep analysis of the current situation and tendency of commercial banks＇ off-balance sheet business, this paper explores the impacts of our eountt3？s commercial banks＇ off-balance sheet activities development on the monetary policy＇s transmission effect. The resuhs show that the impacts of commercial banks＇ off-balance sheet business on different monetary policy＇s implementation effects are asymmetric. In the context of tight monetary policy, the off-balance sheet business would quickly expand and therefore, weaken the implementation effect of monetary policy. In the context of expansionary monetary policy, the off-balance sheet business would develop slowly so that the impacts on monetary policy are negligible. To this end, the paper provides some relevant suggestions on monetary policy＇s implementation.