资本监管、政府担保与金融产品需求——来自美国51个州的经验与借鉴

Capital Regulation,Government Guarantees and the Demand for Financial Products——Experience and Reference from 51 US States

利用4702家美国商业银行2013—2019年的数据研究资本监管对金融产品需求的影响。研究发现,商业银行资本监管对存款产品、信贷产品和保险产品的需求均有U型影响,且受到资产流动性的调节作用,资产流动性越强的银行,其业务越不容易受到资本监管的牵制。除此之外,政府流动性担保对资本监管的影响取决于担保的种类,对存款的担保会扩大政策效果,而对债务的担保则会抑制政策效果。进一步研究发现,资本监管能够通过银行存、贷款利率水平来影响金融产品需求,存款利率会增强资本监管的影响,而贷款利率会减弱资本监管的影响。

This article uses the data from 4702 US commercial banks in 2013-2019 to study the impact of commercial bank capital regulation on the financial products demand.The study finds out that the capital regulation of commercial banks has U-shaped effects on the demand for deposit products,credit products,and insurance products,and is influenced by bank liquidity.Banks with stronger asset liquidity are less susceptible to capital regulation.In addition,the impact of the Government Liquidity Guarantees Program on capital regulation depends on the type of guarantee.Deposit guarantees will expand policy influence,while debt guarantees will curb policy influence.In further research,this article confirms the impact mechanism—capital regulation can affect the demand for financial products through bank deposit and loan interest rates,deposit interest rate will enhance the policy effect,while an increase in the level of loan interest rates will inhibit the policy effect.