结构性货币政策的激励相容机制有效吗?——基于地方法人银行行为选择视角  

Are Incentive Compatibility Mechanisms Effective for Structural Monetary Policy?——Based on the Perspective of Local Corporate Banking Behavior Selection

作　　者：刘页 罗凯 刘宇航 袁金凌 Liu Ye;Luo Kai;Liu Yuhang;Yuan Jinling

机构地区：[1]中国人民银行成都分行营业管理部,四川成都610041

出　　处：《西南金融》2022年第4期44-58,共15页Southwest Finance

摘　　要：为疏通货币政策传导渠道、优化金融资源配置、支持经济高质量发展,我国加大了对结构性货币政策的运用。相较于传统的总量货币政策,结构性货币政策通过引入激励相容机制,来实现特定结构性目标。在实践过程中,特定结构性目标的实现依赖于特定金融机构的行为选择,地方法人银行扮演了重要角色。因此,激励相容机制是否可以有效调动地方法人银行运用的内在积极性,是决定结构性货币政策实施效果的关键因素。本文拟从地方法人银行行为选择的视角,探讨现有结构性货币政策的激励相容机制是否有效,采用实证模型分析不同结构性货币政策工具对银行行为的动态影响,对理解经济高质量发展的宏观背景下,如何进一步提升结构性货币政策效力有着重要意义。In order to smooth the transmission channels of monetary policy,optimize the allocation of financial resources,and support high-quality economic development,China has increased the use of structural monetary policy.Compared with traditional aggregate monetary policy,structural monetary policy achieves specific structural goals by introducing an incentive-compatible mechanism.In practice,the realization of specific structural goals depends on the behavioral choices of specific financial institutions,and local corporate banks play an important role.Therefore,whether the incentive compatibility mechanism can effectively mobilize the internal enthusiasm of local corporate banks is a key factor determining the effect of structural monetary policy implementation.This paper intends to explore whether the incentive compatibility mechanism of the existing structural monetary policy is effective from the perspective of local corporate banking behavior choice,and uses an empirical model to analyze the dynamic impact of different structural monetary policy tools on banking behavior,which is of great significance to understand how to further improve the effectiveness of structural monetary policy under the macro background of high-quality economic development.

关 键 词：结构性货币政策 货币政策工具 货币政策传导 激励相容 地方法人银行 流动性管理 金融稳定 金融支持实体经济 

分 类 号：F820[经济管理—财政学]