银行业结构与货币政策传导效果

Banking Structure and the Transmission Effects of Monetary Policy

本文利用1993～2011年有关中国银行业结构和中国货币政策的数据分析中国银行业结构对货币政策五个传导渠道的影响,得到以下结论:中国银行业结构弱化了信贷及货币供给量的传导效果,但随着中国银行业集中度的下降,这种弱化效果将会降低;中国银行业结构对利率传导渠道及资本市场传导渠道产生了负向作用,弱化了利率和资本市场的传导效果,随着中国银行业集中度的降低,利率和资本市场传导渠道的传导效果将会增强。中国银行业结构对汇率的传导效果影响不显著。上述结论表明:实施货币政策过程既要重视货币政策的有效性,还要关注银行业结构的影响。

This paper uses the data related to China＇s banking structure and monetary policy during 1993-2011 to analyse the influence of China＇s banking structure on the five transmission channels of monetary policy. The conclusions of the paper in- clude that China＇s banking structure weakens the transmission effects of credit and money supply, but the weakening function will decrease as the concentration of China＇s banking industry goes down; the structure has negative influence on the transmis- sion channels of interest rate and capital market, and weakens the transmission effects of interest rate and capital market, but the transmission effects of interest rate and capital market will increase as the concentration of China＇s banking industry goes down; the influence on the transmission effects of exchange rate is not significant. The above conclusions show that both the ef- fectiveness of monetary policy and the influence of banking structure should be paid attention in the process of implementing monetary policy.