借贷便利创新工具改善了商业银行流动性创造吗?

Do Lending Facilities Improve the Liquidity Creation of Commercial Banks in China?

本文基于手工搜集的96家商业银行数据,研究了借贷便利创新工具对商业银行流动性创造的影响。研究发现,借贷便利工具可以显著提升商业银行流动性创造能力,这一工具的政策效应在规模较小、同业融资依赖度较高的商业银行更为显著,且中期借贷便利对银行流动性创造的促进作用更强。进一步研究表明,央行的借贷便利工具不仅可以通过合格担保品渠道直接为商业银行提供流动性,还可以通过同业融资渠道间接向其他银行输送流动性,增强商业银行的风险承担,发挥改善商业银行流动性创造的作用。本文的研究结论对我国借贷便利类货币政策的实施、央行流动性管理以及防范化解系统性金融风险具有启示意义。

Against the background of“money shortage”in China’s banking system and the fact that traditional monetary policy tools failed to meet the needs of the central bank’s liquidity management,the People’s Bank of China has created innovative monetary policy tools represented by standing lending facility(SLF)and medium-term lending facility(MLF)to improve the liquidity creation of commercial banks.Based on the data of 96 commercial banks,this paper studies the impact of lending facility tools on the liquidity creation of commercial banks.It’s found that lending facility tools can significantly improve the liquidity creation of commercial banks and the effect is more significant in commercial banks with small scale and high inter-bank financing dependence,of which MLF shows a stronger effect than SLF.The paper further shows that the lending facilities can not only provide liquidity directly to commercial banks through qualified collateral channels,but also indirectly transfer liquidity to other banks through interbank financing channels,and enhance the risk-taking of commercial banks,hence jointly playing the role of improving the liquidity creation of commercial banks.The findings of this paper have important implications for the implementation of lending facilities monetary policy,the central bank’s liquidity management and the prevention and resolution of systemic financial risks in China.