利率市场化视角下的货币政策风险承担渠道问题研究

FROM THE PERSPECTIVE OF INTEREST RATE LIBERALIZATION OF RISK-TAKING CHANNEL OF MONETARY POLICY

利率市场化进程的深入可能会对我国货币政策传导、金融稳定等产生不可忽视的影响。基于此,本文研究了利率市场化对货币政策风险承担渠道的影响。结果表明:(1)我国存在货币政策风险承担渠道,且从利率市场化间接度量的维度来看,在考虑以直接效应来衡量的贷款利率市场化之后,银行的实际风险承担水平上升;但是在考虑以价格约束效应来衡量的存款利率市场化之后,其效果并不明显。(2)从利率市场化直接度量的方法来看,直接引入虚拟变量的研究发现贷款利率市场化会使得货币政策对银行风险承担水平的影响变得明显;进一步从利率市场化综合度量的维度,引入整体的利率市场化指数的方法则发现,随着利率市场化进程的深入,银行的实际风险承担水平会上升。(3)利率市场化对货币政策风险承担渠道的影响在不同类型银行间存在差异。

The continuous deepening of interest rate liberalization has a great impact on China＇s monetary policy transmission,economic fluctuations and financial stability.According to this,our paper empirically tests the impact of interest rate liberalization on bank risk-taking channel of monetary policy.The results of the study show as follows：（1）There is a bank-risk taking channel of monetary policy in China,and from the perspective of dimension of interest rate liberalization indirect measure methods,after considering the direct effect of loan interest rate liberalization,the bank＇s real risk-taking is on the rise.But after considering the price discipline effect of deposit interest rate liberalization,the price discipline effect does not play a role as we expect.（2）From the perspective of the dimension of interest rate liberalization direct measure methods,by introducing the dummy variable approach,the study finds that loan interest rate liberalization will make the impact of monetary policy on banks＇ real risk-taking become apparent.Furthermore,by the introduction of interest rate liberalization index method,the study finds that the deepening of the interest rates liberalization will make the risk-taking channel become apparent and the bank＇s real risk-taking will rise.（3）The impact of the interest rate liberalization on the bank risk-taking channel of monetary policy is different between different types of banks.