互联网金融对货币政策有效性的影响——基于微观银行学框架的经济学分析

Impact of Internet Finance on Effectiveness of Monetary Policy——Based on Theoretical Framework of Microeconomics of Banking

本文将互联网金融对居民资产选择及存款供给的影响引入微观银行学框架,从理论上分析了互联网金融对我国价格型和数量型货币政策传导有效性的影响。研究发现,互联网金融增强了银行存贷款规模及利率对银行同业市场利率的敏感性,提高了价格型货币政策的有效性;互联网金融发展加剧了狭义货币乘数的波动,增加了广义货币供应量,降低了货币作为交易媒介的流通速度。同时,本文利用互联网金融、中国人民银行及银行间市场数据,实证分析了互联网金融对货币政策有效性的影响,实证结果支持了理论模型的主要结论。

Based on theoretical framework of Microeconomics of Banking, we analyze the effect of Internet Finance on the price-based monetary policy and the quantitative monetary policy. The results show that the development of Internet Finance increases the sensitivity of bank deposit scale and interest rates to interbank offered rate, and improves the effectiveness of price-based monetary policy. Meanwhile, Internet Finance triggers the fluctuation of narrow money multiplier, increases the supply of broad money and reduces the velocity of money circulation. With the data of Internet Finance, People＇s Bank of China（PBC） and interbank market, this paper empirically analyzes the effect of Internet Finance on the monetary policy, and the results support the main conclusions of the theoretical model.