广义信贷与货币政策传导——兼论宏观审慎评估体系  

Broad Credit and Monetary Policy Transmission:Based on the Macro-prudential Assessment

作　　者：范云朋 刘正南 刘赟德 李林桦 Fan Yunpeng;Liu Zhengnan;Liu Yunde;Li Linhua(Institute of Finance,Chinese Academy of Social Science,Beijing 100710,China;School of Mathematical Sciences,Peking University,Beijing 100871,China;School of Applied Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China;Business School,Australian National University,Canberra ACT2601,Australia)

机构地区：[1]中国社会科学院金融研究所,北京100710 [2]北京大学数学科学学院,北京100871 [3]中国社会科学院大学应用经济学院,北京102488 [4]澳大利亚国立大学商学院,堪培拉ACT2601

出　　处：《征信》2024年第2期79-92,共14页Credit Reference

基　　金：中国社会科学院学科建设“金融监管学”重点学科登峰计划(2023);中国社会科学院国情调研重大项目(GQZD2022016);中国社会科学院马工程重大项目(2022MGCZD011)。

摘　　要：中国人民银行推出的宏观审慎评估体系将广义信贷作为重要的审慎监管指标。广义信贷更加客观地反映了中国金融体系的变化,丰富和拓宽了货币政策传导,在宏观审慎、微观监管和金融稳定中发挥着越来越重要的作用。因此,基于融资结构和融资溢价的理论模型对中国货币政策的广义信贷传导机制进行了实证检验,验证了广义信贷渠道传导存在的两个必要条件。我国货币政策广义信贷渠道传导的存在,在一定程度上说明了货币政策和宏观审慎政策协调的必要性和可行性,为二者之间的协调发展提供了一定的研究基础。The Macro-prudential Assessment System launched by the People’s Bank of China takes broad credit as an important prudential regulation indicator.Broad credit more objectively reflects changes in China’s financial system,enriches and broadens monetary policy transmission,and plays an increasingly important role in macro-prudential,micro-regulation and financial stability.Therefore,based on the theoretical model of financing structure and financing premium,this paper empirically tests the broad credit transmission mechanism of China’s monetary policy,and verifies two necessary conditions for the transmission of broad credit channels.The existence of the broad credit channel transmission of China’s monetary policy proves the necessity and feasibility of the coordination between monetary policy and macro-prudential policy,and provides a certain research basis for the coordinated development.

关 键 词：广义信贷 货币政策传导 融资结构 融资溢价 宏观审慎评估体系 

分 类 号：F832.4[经济管理—金融学]