摘要
银行业内在的顺周期性被认为是导致金融失衡并触发本轮国际金融危机的重要原因之一,银行在经济处于衰退阶段显现出的信用紧缩行为很大程度上抵消了扩张性货币政策的效力,从而影响到经济复苏的节奏、力度和持续性。这一现象无法通过经典的派生存款理论加以解释。分析在传统的存款准备金约束之上加入了监管资本约束条件,从银行资产负债表的角度解释了银行信贷顺周期性的形成机理,并分析了双重约束下货币政策非对称性的原因与特征。
The internal procyclicality of banking industry was considered to be the one of the important reasons for leading to financial imbalances and triggering the current round of the international financial crisis. To a great extent, the effect of expansionary monetary policy was offset by the banks＇ credit crunch behaviors at the stage of economic recession. And then it affected the rhythm, strength and persistence of financial recovery. This phenomenon cannot be explained by classical derived deposit theory. This paper analyzed the traditional deposit reserve constraints with adding the regulation capital constraints condition. The author explained forming mechanism of bank credit procyclicality from the angle of bank balance sheet, and analyzed the reason and feature of monetary policy asymmetry under the dual constraints.
出处
《金融理论与实践》
北大核心
2017年第10期15-21,共7页
Financial Theory and Practice
基金
国家社科基金青年项目"金融危机视角下的中央银行资产负债表管理研究"(13CJY124)
