中国金融发展水平与货币政策银行信贷传导渠道的异质性——基于面板变系数模型的实证分析

Chinese Financial Development and the Heterogeneity of Banking Lending Channel of Monetary Policy——Empirical Evidence from Panel Varying Coefficient Model

本文运用面板数据回归变系数模型,使用微观商业银行的信贷供给数据,分析货币政策在不同的金融发展水平下对不同商业银行信贷增速产生的影响。整体表明,货币政策商业银行信贷传导机制的作用效果具有显著的异质性,不同商业银行信贷增速受货币政策调控影响并不相同,有些商业银行信贷增速不受货币政策的显著影响。整体来讲,中小城市商业银行信贷增速受货币政策调控的影响更加明显。同时,本文实证分析表明,在中国,银行体系占主导地位并不意味着整体上货币政策银行信贷传导机制会发挥作用(与国际发展中国家研究结论不同),且当金融市场发展较好时,货币政策银行信贷传导机制同样不发挥作用(与国际发达国家研究结论一致)。

This paper empirically studies bank lending channel of monetary policy controlling financial development in China by varying coefficient model.The conclusion is there exist significant heterogeneity in the effectiveness of bank lending channel of monetary policy.The credit growth rate of different commercial banks is differently effected by monetary policy,and some commercial banks’credit growth rate is even not significantly affected by monetary policy.What’s more,median and small commercial banks are more affected by monetary policy.Meanwhile,this paper empirically shows that in China,the dominance of banking system does not mean monetary policy can effect banks’credit growth rate,whose conclusion is different from international studies on developing countries.And when stock market develops well,the bank lending channel still not significantly valid which is consistent with studies on developed countries.