货币政策工具对银行信贷调控效果的量级差异——基于存款准备金率、利率的实证研究

摘要

Monetary policy transmission mainly refers to credit channels in China,and credit behavior of commercial bank is the micro basis of the monetary policy transmission effect.Observing the steady monetary policy effect in Shandong Province,commercial banks＇ credit behavior adjustment realized the total amount control and liquidity control effect,also caused bank regulation strategies to hedge behavior.In order to analyze the binding and magnitude difference of different monetary policy tools,to bank credit term configuration behavior and mortgage behavior as an example,making interest rates and deposit reserves into VAR model,applying impulse response analysis,the effect of different monetary policy tools to bank credit behavior is significant difference magnitude.%我国货币政策主要通过信贷渠道进行传导,商业银行的信贷行为是货币政策传导的微观基础。本文通过分析山东省的稳健货币政策调控效应,认为商业银行通过信贷行为调整传导了调控政策,同时也引致了对冲调控策略行为。为分析不同货币政策工具调控约束力的量级差异,本文以银行信贷期限配置行为和房贷行为为例,将利率和存款准备金政策工具纳入向量自回归模型,利用脉冲响应分析不同货币政策调控工具对银行信贷行为的影响。