流动性监管、银行稳健性与货币政策传导  

Liquidity Regulation,Bank Resilience and Monetary Policy Transmission

作　　者：庄毓敏 张祎[3] ZHUANG Yu-min;ZHANG Yi(China Finaneial Policy Research Center,Renmin University of China,Beijjng 100872.China;School of Finance,Renmin University of China,Beijing 100872,China;Bank of China,Beiing 100032.Chinl)

机构地区：[1]中国人民大学中国财政金融政策研究中心 [2]中国人民大学财政金融学院 [3]中国银行股份有限公司

出　　处：《中国工业经济》2022年第6期5-23,共19页China Industrial Economics

摘　　要：作为银行业资本监管的有力补充,流动性监管旨在加强商业银行流动性风险管理能力,维护银行体系安全稳健运行,是中国宏观审慎评估体系的重要组成部分。在此背景下,流动性监管如何发挥审慎监管职能、如何影响货币政策传导过程,成为国内外政策界和学术界关注的热点问题。本文从银行风险承担角度出发,挖掘了流动性监管对银行稳健经营的重要意义,并在此基础上探讨了流动性监管对货币政策的银行风险承担渠道的潜在影响。研究表明:一方面,流动性监管具有显著的稳定作用,即引入流动性监管要求,能够显著提高银行稳健性,且流动性监管与资本监管相辅相成,共同促进了银行稳健性的提升;另一方面,货币政策的银行风险承担渠道在中国显著存在,但流动性监管能够显著抑制宽松货币政策环境下商业银行的风险承担行为,因而有助于货币政策的有效传导。而且,流动性监管对货币政策的银行风险承担渠道的抑制效果在区分银行特征、风险类型、经济环境后存在显著差异。本文的研究结论对于实现流动性监管与货币政策有效传导的“双赢”目标具有重要的指导意义和实践价值。As a powerful supplement to capital regulation in banking industry, liquidity regulation, which is designed to promote the resilience of commercial banks in response to liquidity shocks, has now become a vital part of China’s Macro Prudential Assessment(MPA) framework.Liquidity regulation, once brought forward, raised a fierce debate about why can liquidity regulation be used as a macro prudential regulatory tool, and how to realize the coordination between liquidity regulation and monetary policy.As far as we know, these questions have not been fully solved yet.From the perspective of bank risk-taking, this paper provides an empirical explanation to the macro prudential meanings of liquidity regulation, and explores the mechanism design of the coordination between liquidity regulation and monetary policy.Our results show that liquidity regulation has a positive effect on bank resilience, which is independent of capital regulation.Furthermore, this paper empirically shows that the monetary policy rate is negatively related to bank risk-taking behavior, but liquidity regulation can effectively restrict excessive risk taking of banks under easy monetary police, which is significantly different after distinguishing different bank characteristics, risk types and economic environments.These research conclusions provide useful policy implications to achieve the coordination of financial stability and effective monetary policy transmission.

关 键 词：流动性监管 银行稳健性 银行风险承担 货币政策传导 

分 类 号：F120[经济管理—世界经济]