货币政策、银行竞争力与流动性创造

Monetary Policy,Bank Competition and Liquidity Creation

本文基于2006—2014年中国112家商业银行的非平衡面板数据,采用系统广义矩估计方法,研究了中国货币政策、银行竞争力对流动性创造的影响,实证结果表明:第一,不同货币政策工具对流动性创造的影响存在差异,贷款基准利率、存款准备金货币政策工具对流动性创造是反向影响,而M2增长率与存款基准率对流动性创造则是正向影响;第二,中国商业银行"脆弱性渠道"存在,竞争力的加剧会减少流动性创造,按规模分类后发现银行竞争力的加剧会增加规模较大银行的流动性创造水平;第三,货币政策对不同类型银行的传导影响存在差异,存款准备金的提高会减少股份制和城市商业银行的流动性创造,增加其他类别银行的流动性创造。

Based on the annual unbalanced panel data of 112 domestic banks from 2006 to 2014,this paper studied the impact of monetary policy and bank competition on liquidity creation by using the system of generalized method of moments estimation.The empirical results show that：（1） Monetary policy tools affect liquidity creation differently.The monetary policy tools of the benchmark loan rate and deposit reserve have negative impact on liquidity creation,while the growth rate of M2 and the benchmark deposit rate have positive impact on liquidity creation;（2） There is a ＂ fragility channel＂ of China＇s commercial banks,and the increase on bank competition will reduce liquidity creation.The increase on bank competition will increase liquidity creation of large banks after size classification;（3） The monetary policy has different impact on different types of banks.The increase of deposit reserve will reduce liquidity creation of joint-equity commercial banks and city commercial banks,but will increase liquidity creation of other types of commercial banks.