资本账户开放缩窄了商业银行利差吗?——来自41个新兴市场经济体的证据  

Does Capital Account Liberalization Narrow Interest Rate Spreads of Commercial Bank?Evidence from 41 Emerging Market Economies

作　　者：张德亮 李巍 ZHANG Deliang;LI Wei(Faculty of Economics and Management,East China Normal University,Shanghai 200062,China)

机构地区：[1]华东师范大学经济与管理学部,上海200062

出　　处：《南京审计大学学报》2020年第3期73-86,共14页Journal of Nanjing Audit University

基　　金：教育部人文社会科学规划后期项目(11JHQ032)。

摘　　要：银行利差反映银行业效率,研究资本账户开放对银行利差的影响及作用机理具有重要的现实意义。构建一个包含异质性企业的多部门分析框架,从微观层面剖析资本账户开放影响银行利差的内在机制,并运用41个新兴市场经济体国家1996-2016年的数据进行实证检验,研究结果表明:资本账户开放显著降低了商业银行利差,法定型和事实型开放指数每增加一单位标准差,银行利差分别下降0.68和0.90个百分点。由此可见,加快推进资本账户开放是新常态下提升银行业效率,降低社会融资成本,进而实现经济高质量发展的重要途径。商业银行应大力拓展非利息业务,促进产品和业务升级,创造新的盈利增长点,以弥补利差缩窄带来的不利影响。Bank interest rate spreads reflect the efficiency of banking industry,and it is of great practical significance to study the impact and mechanism of capital account liberalization on bank interest rate spreads.Constructing a multi-sectoral analysis framework that includes heterogeneous enterprises,this paper makes an analysis on the internal mechanism of capital account liberalization affecting bank interest rate spreads from the micro level and then makes an empirical test with the data of 41 emerging market economies from 1996 to 2016.The results show that capital account openness significantly reduces the interest rate spreads of commercial banks.Bank interest rate spreads decrease by 0.68 and 0.90 percentage points respectively for each unit of standard deviation increased in the de jure measure and de facto measure of capital account openness.Therefore,accelerating capital account liberalization is an important way to improve the efficiency of banking industry,reduce the cost of social financing and achieve high-quality economic development under the new normal.It is also recommended that commercial banks should vigorously expand non-interest businesses,promote product and business upgrades,and create new profit growth points to compensate for the adverse effects of narrowing interest rate spreads.

关 键 词：资本账户开放 银行利差 银行业效率 新兴市场经济体 金融开放 利率市场化 动态面板模型 固定效应模型 

分 类 号：F833[经济管理—金融学] F837