资本和存款准备金监管双重约束下我国货币政策的利率传导效应

The interest rate to the effect of monetary policy in our country under capital and reserve regulation constraints

当银行面临资本和存款准备金监管双重约束时,银行信贷不仅对货币政策做出反应,而且还受其他银行行动的影响。银行的信贷具有相互替代效应,会抵消一部分货币政策影响。当银行都不满足双重约束时,货币政策对这些商业银行信贷无效。当不满足双重约束的商业银行逐渐增加时,货币政策边际递减效应会增大。货币政策逐渐减弱是因为不满足资本约束或存款准备金约束的商业银行越多,这些商业银行因约束条件的限制而使得信贷对货币政策越不敏感。

When the banks suffer the dual constraints of capital and deposit reserve regulation, each oligopoly commercial bank loans not only react to monetary policy, but also affected by other banks. Bank loans have substitution effect, which would offset part of the monetary policy impact on bank. When the bank does not satisfy the dual constraints, monetary policy will not valid for these commercial banks. When banks not satisfy the dual constraints increase,diminishing marginal effect of monetary policy will increase. when the banks not meeting the capital and the reserve constraint increase,monetary policy more gradually weakened,because of constraints these banks loans become less sensitive to monetary policy.