银行同业业务与实体经济融资——基于货币供给创造的视角

Inter-Bank Business of Banks and Real Economy Financing——A Perspective of Money Supply Creation

本文基于同业业务货币供给创造的视角,分析银行同业业务对货币供给量和实体经济融资规模的不同影响及其对实体经济融资成本的影响、金融去杠杆的政策效果。研究结果表明,同业业务可以创造信用货币,但这些资金并非全部流向实体经济。虽然短期内同业业务的发展有利于实体经济融资,但长期内不再显著,反而会提升实体经济融资成本。为此,应持续推进金融去杠杆政策,降低实体经济融资成本,优化实体经济融资结构。

From the perspective of the money supply creation of inter-bank business, the authors of this paper analyze the different impacts of inter-bank business on the money supply and the financing scale of real economy, the impacts on the financing cost of real economy, and the effect of financial deleveraging policy. The results of the paper show that the interbank business can create credit currency, but not all of these funds can flow to real economy. Although the development of inter-bank business in the short term is conducive to the financing of real economy, it will not be significant in the long run, and it will increase the financing cost of real economy. Therefore, it’s needed to promote the financial deleveraging, reduce the financing cost and optimize the financing structure of real economy.