银行同业业务、资产负债变化与金融市场流动性“悖论”:基于面板数据的实证研究

Interbank Business, Assets and Liabilities Change and Financial Market Liquidity "Paradox" : An Empirical Study Based on Panel Data

本文以银行同业业务和金融市场流动性为研究对象,试图厘清银行同业业务对市场流动性产生影响的作用机制,研究发现银行同业业务与流动性管理二者之间存在天然的"悖论",体现在对资产负债期限错配的不同偏好上:期限错配是同业业务盈利的重要来源,而流动性管理的目标则是严格约束期限错配。本文还在系统构建金融市场流动性测度指标的基础上,借助面板数据,实证检验了不同规模银行、不同类型同业业务对金融市场流动性的影响大小,最后给出政策建议。

This paper takes interbank business and financial market liquidity as research objects, tries to sort out the function mechanism of interbank business impact to the financial market liquidity. On the basis of building financial market liquidity measuring indicators and with the help of panel models, it also empirically tests the impacts of different types of interbank businesses to the financial market liquidity, and offers policy recommendations.