银行业市场集中度、竞争程度与货币政策传导——基于中国银行业的经验研究  

Banking Market Concentration,Competition and Monetary Policy Transmission——Based on Empirical Evidence of Banking Industry in China

作　　者：张旭涛[1] 胡莹[2] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]中国人民银行金融研究所博士后流动站,北京100800

出　　处：《山西财经大学学报》2010年第12期45-51,共7页Journal of Shanxi University of Finance and Economics

摘　　要：本文从实证角度考察了我国银行业市场集中度和竞争程度对货币政策传导的影响作用。以CR4指标代表银行业市场集中度,以基于Panzar-Rosse模型的H统计量代表银行业竞争程度,通过建立VAR模型得出累积脉冲响应函数代表货币政策冲击。实证检验发现:我国银行业市场集中度与竞争程度对货币政策传导有着正向效应,对货币政策传导至中介目标M2的影响最大,对货币政策传导至最终目标GDP与CPI影响程度较小,我国银行业市场集中度对货币政策传导的影响明显高于竞争程度的影响。This paper examines the impacts of banking market concentration and competition on monetary policy transmission in China,by conducting a regression between three indices：（i）CR4 index representing the banking market concentration;（ii）Panzar and Rosse＇s H-statistic as an index of the state of bank competition;and（iii）a cumulative impulse response function providing an index of the effect of monetary policy shocks.The result shows that：there is a positive impact of banking market concentration and competition on monetary policy transmission in China,and market concentration has a stronger impact than bank competition.

关 键 词：市场集中度 PANZAR-ROSSE模型 货币政策传导 

分 类 号：F830[经济管理—金融学]