互联网金融、货币政策与银行流动性  

Internet Finance,Monetary Policy and Bank Liquidity

作　　者：王亚君[1] 邢乐成[1] 

机构地区：[1]济南大学商学院,山东济南250000

出　　处：《浙江金融》2016年第6期17-24,共8页Zhejiang Finance

基　　金：国家社会科学基金项目"基于金融错配分析框架的中小企业融资难问题研究"(13BGL037);济南大学研究生创新基金项目"基于信贷政策传导视角的中小企业融资难问题研究"(YCXS15002)

摘　　要：互联网金融的快速发展影响了货币政策对银行流动性的传导效果,利用2006年-2015年的季度数据,研究互联网金融背景下货币政策对银行流动性的影响,通过建立向量自回归模型VAR和脉冲响应函数进行定量分析,实证结果表明:紧缩的货币政策降低了银行流动性,但随着互联网金融的发展,增加了影响银行流动性的不确定性因素,影响了货币政策传导路径,大大削弱了货币政策的传导效果,增强了货币政策的调控难度。因此,在促进互联网金融发展的同时,要加强对互联网金融的监管,从而维护金融市场的稳定。The rapid development of internet finance influences the transmission effects of monetary policy on bank liquidity, using 2006-2015 quarterly data to study the changes in the impact of monetary policy on bank liquidity under the internet financial background, through the establishment of vector autoregressive VAR model and impulse response function for quantitative analysis. The empirical results show that： tighter monetary policy reduces the bank liquidity, but with the development of internet finance, an increase of uncertain factors influencing bank liquidity, influencing the monetary policy transmission path, the transmission effects of monetary policy will be greatly weakened, and enhance the difficulty of the monetary policy regulation. Therefore, in the process of internet financial development, we should strengthen the supervision of the relevant departments to maintain the stability of the financial market.

关 键 词：互联网金融 货币政策 模型VAR 银行流动性 

分 类 号：F832.1[经济管理—金融学]