摘要
2008年国际金融危机爆发后,学术界开始重视货币政策与金融稳定之间的关系,并提出了货币政策的风险承担渠道。目前,将资本监管压力、货币政策和银行风险承担纳入同一框架内进行研究的文献较少,大多文献只侧重于分析货币政策对银行风险承担的影响。本文把以上三者置于同一框架中进行分析,着重分析资本监管压力如何影响银行风险承担,并根据监管政策的变化来刻画资本监管压力的变化。本文选取了2004—2016年我国125家商业银行非平衡面板数据作为研究样本,基于一步系统GMM估计方法,实证分析资本监管压力、货币政策对银行风险承担的影响。基于实证研究结论,本文提出了三个方面的政策建议。
After the global financial crisis, the academia begins to focus on the relationship between monetary policy and financial stability, and the ＂risk-taking channel＂ of monetary policy. Most of the literatures focus on the impact of monetary policy on the banks risk-taking, few on the whole picture of capital regulation pressure monetary policy and the bank risk-taking. This paper makes some remedies and particularly analyzes how capital regulation pressure affects the banks risk-taking, and measures capital regulation pressure according to the change of regulatory policies. Empirically studies are done by using the one-step system GMM estimation with the unbalanced panel data of 125 commercial banks in China from 2004 to 2016.Finally, this paper proposes relevant policy suggestions based on the empirical conclusion
出处
《金融监管研究》
2017年第11期51-70,共20页
Financial Regulation Research
关键词
资本监管压力
货币政策
银行风险承担
GMM估计
Capital Regulation Pressure
Monetary Policy
the Banks Risk-taking
GMM Estimation
