异质金融中介、资产价格与宏观经济波动

Heterogeneous Financial Intermediaries,Asset Prices and Business Cycles

通过构建DSGE模型,探讨包含影子银行在内的金融中介机构、资产价格和宏观经济波动之间的内在联系,以及金融中介机构自身净值变化通过资产价格和杠杆率向实体经济传播的机制。结果表明:增加金融中介净值比直接放松信贷约束对宏观经济的冲击作用更大,引入影子银行后的双中介模型对金融部门和宏观经济变量形成放大效应,对影子银行监管的严格程度也会对金融经济变量产生不同影响。因此,决策者需在限制影子银行规模、维持金融稳定和放宽对影子银行监管、促进经济增长之间进行权衡。

Since the 2008 global financial crisis,people have gradually realized that the inherent risks of financial intermediaries and their optimization behaviors have an important impact on economic cycle.We construct a DSGE model that includes heterogeneous financial intermediaries to explore the mechanism that intermediaries spread to the real economy through asset prices and leverage.Facts have proved that increasing the net value of financial intermediaries has a greater impact on the macro economy than directly relaxing credit constraints.The two-intermediary model including shadow banking has an amplifying effect on the financial sector and macroeconomic variables.Regulatory policies on shadow banking will also cause differences,so policymakers have a trade-off between maintaining financial stability and the growth of economic activity by controlling the size of shadow banking.