资本约束下中国货币政策信贷渠道非对称性的实证研究

An Empirical Study on the Asymmetry of China's Monetary Policy through Credit Channel under Capital Constraints

现有关于货币政策信贷渠道非对称性的研究没有实证检验非对称性是否只存在于扩张性货币政策或紧缩性货币政策中,也没有实证检验巴塞尔协议是否影响货币政策的非对称性。因此,试图从三个方面探索资本约束对货币政策信贷渠道有效性的影响:首先,研究同一货币政策对两类银行的贷款供给的影响;其次,比较两类货币政策对同类银行贷款冲击的单独效应;最后,比较巴塞尔协议实施前后银行贷款的变动。

Empirical tests haven't been carried out by the existing studies on the asymmetry of monetary policy through credit channel to find out whether the asymmetric effect exists only in expansionary monetary policy or tightening monetary policy as well as whether Basel Agreement has impact on the asymmetry of monetary policy. Therefore,the paper tries to explore the influence of capital constraints on the effectiveness of monetary policy through credit channel from three aspects: first,the influence of the same monetary policy on the loan supply of two kinds of banks is analyzed; second,a comparison is made on the influence of two monetary policies on the single effect of loan in the same type of banks; finally,the author compares the changes in bank loans before and after the implementation of Basel Agreement.