银行资本与货币政策风险承担渠道:理论模型与中国实证研究

Bank Capital and Monetary Policy's Risk-Taking Channel: A Theoretical Model and Empirical Study of China's Banking Industry

在不同市场结构下,利率和准备金政策对商业银行风险承担存在不同影响。理论分析表明,银行业完全竞争时,仅利率政策与银行风险承担负相关;垄断竞争时,利率与准备金政策都与银行风险承担负相关。两种市场结构中的相关关系均受银行资本影响。实证分析显示,中国利率与准备金政策都与银行风险承担负相关。因此,中国的利率和准备金政策应充分考虑对金融稳定的影响,以"逆风而行"的姿态配合宏观审慎政策。

This paper introduced reserve requirements on deposit to analyze how monetary policy influences bank risk- taking in different markets. The result shows that：（ 1） when banking sector is perfectly competitive,bank risk-taking is only influenced by interest rate policy;（ 2） when banking sector is in monopolistic competition,banking risk- taking is influenced by interest rate policy and reserve requirement ratio policy. The correlativity of the 2 market structures are to be influenced by bank capital. The empirical research shows that banking risk-taking is influenced by interest rate policy and reserve requirement ratio policy. Therefore,China＇s interest and reserve policy should take financial stability into account,and cooperate with macro-prudentional policy by＂lean against the wind＂.