定向降准与商业银行行为选择

Targeted Adjustment of Reserve-requirement and Behavior of Commercial Banks

为应对金融危机冲击,世界各国普遍实施了大规模的宽松货币政策,目前这些政策的效果正在日益弱化且副作用越来越大,市场呼吁货币当局推出更低成本、更精准、副作用更小的调控政策,在此背景之下,定向调控类的货币政策应运而生,其中就包括中国人民银行推出的定向降准政策。本文以农业贷款作为定向降准政策的代表性调控目标,构建了一个包含农业贷款收益与非农贷款收益的商业银行跨期效用函数,在具有信贷配给特征的信贷市场均衡分析框架下,研究了货币当局定向降准释放流动性时货币政策的传导渠道及商业银行的行为选择,并使用现实数据进行了仿真模拟。结论显示,定向降准具备一定的"调结构"功能,但受商业银行农业贷款与非农贷款行为选择的临界值限制,在特定区间内商业银行不会扩大农业贷款的发放。为了更好地发挥定向降准政策的效果,定向类货币政策还需要其他政策的协调配合。

To coping with the financial crisis, countries around the world have used various forms of quantitative easing monetary policies, nowdays the effect of these monetary policies is diminishing while the side effect cannot be neglected. As a result, market appeals to the monetary authority to launch lower cost and more precise policies, targeted monetary policy control came out. This paper builds an utility function of commercial banks considering both agricultural loans and other loans and analyses the transmission mechanisms of monetary policy and behavior of commercial banks with the feature of credit rationing in the market equilibrium, and then conducts a corresponding simulation with Chinese data. It shows that targeted adjustment of reserve - requirement would optimize the economic structure to some degree while may not promote agricultural loans significantly considering the existence of critical value in the utility function. To implement this policy, many other policy measures are required.