金融科技与货币政策有效性:数量型与价格型工具的比较研究

FinTech and Monetary Policy Effectiveness:A Comparative Study of Quantity and Price Tools

快速发展的金融科技在优化金融资源配置的同时,也会对货币政策的有效性产生影响。本文将金融科技纳入微观银行学框架,从理论层面剖析了金融科技影响货币政策的微观机理,在此基础上实证检验并比较了金融科技影响下的数量型和价格型货币政策工具的有效性。结果发现,金融科技增强了贷款规模和贷款利率对市场利率的敏感性,提升了利率等价格型工具的货币政策效果,但削弱了法定存款准备金率、公开市场操作等数量型货币政策工具调节货币供应量的作用;相比金融科技低发展区制而言,高发展区制下价格型工具的货币政策有效性在逐渐增强,数量型工具的货币政策调控效果呈弱化趋势,即金融科技对货币政策的影响具有"价升量减"效应。为提高我国货币政策有效性,本文提出应进一步健全市场化利率形成和传导机制。

While optimizing financial resources allocation,fast-developing FinTech also has an impact on the effectiveness of monetary policy.This paper incorporates FinTech into the micro-banking framework,analyzes the micro-mechanism of FinTech influencing monetary policy at the theoretical level,and on this basis empirically tests and compares the effectiveness of quantity-based and price-based monetary policy instruments under the influence of FinTech.The study found that FinTech has enhanced the sensitivity of loan scale and loan interest rates to market interest rates,and improved the monetary policy effects of price-based instruments such as interest rates,but weakened the money supply effects of quantitative instruments such as legal deposit reserves ratio and open market operations.Compared with the areas having low development of FinTech,the effectiveness of price-based monetary policy instruments in the areas having high development of FinTech is gradually increasing,while the regulation effect of quantitative monetary policy has weakened.This means the impact of FinTech on monetary policy features"price increase and quantity decrease".To further improve the effectiveness of China’s monetary policy,this paper recommends that efforts should be made to improve the formation and transmission mechanism of market-oriented interest rate,improve the money supply control mechanism,and steadily enhancing FinTech.