央行抵押品框架的流动性创造效应  

The Liquidity Creation Effect of the Central Bank Collateral Framework

作　　者：耿广杰 陈明威 郭红玉[2] GENG Guang-jie;CHEN Ming-wei;GUO Hong-yu

机构地区：[1]徐州工程学院金融学院 [2]对外经济贸易大学中国金融学院

出　　处：《中央财经大学学报》2024年第9期58-68,80,共12页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金项目“稳增长背景下我国利率传导机制改革和效果研究”(项目编号:20BJY245);校级新冠病毒感染疫情研究专项“疫情冲击背景下疏通货币政策传导机制发挥金融稳增长作用研究”(项目编号:20YQ14);对外经济贸易大学中央高校基本科研业务费专项。

摘　　要：央行抵押品框架具有量化宽松或信贷宽松政策的基本功能,成为金融危机后美联储和欧洲中央银行等发达经济体央行的货币政策工具和金融稳定工具。本文通过构建内嵌抵押品折扣率和流动性创造的金融中介利润最大化模型,并基于人民银行信贷资产质押再贷款试点这一“准自然实验”研究央行抵押品框架对银行流动性创造的因果影响。理论推导和实证研究表明:第一,央行抵押品框架扩容会显著提高银行流动性创造水平;第二,央行抵押品框架扩容通过资产配置机制和风险承担机制促进银行流动性创造。本文为货币当局通过央行抵押品框架促进流动性创造、增贷款促投资、不断巩固和增强经济回升向好态势提供可能的政策建议。The central bank collateral framework has the function of quantitative easing or credit easing policies and has become the monetary policy tools and financial stability instruments for major developed economies central banks such as the Federal Reserve and the European Central Bank after the financial crisis.This article constructs a financial intermediary profit maximization model embedded with collateral discount rates and liquidity creation,and explores the causal impact of expanding the central bank collateral framework on bank liquidity creation based on the quasi-natural experiment of the People s Bank of China s pilot program on credit asset pledged relending.Theoretical derivation and empirical research indicate the following:First,expanding the central bank collateral framework significantly enhances banks level of liquidity creation.Second,the expansion of central bank collateral framework promotes bank liquidity creation through asset allocation mechanism and risk-taking mechanism.This article provides possible policy recommendations for central banks to enhance the level of bank liquidity creation,increase loans to promote investment and continuously consolidate and strengthen the good trend of economic recovery through the central bank s collateral framework.

关 键 词：央行抵押品框架 银行流动性创造 信贷资产质押再贷款试点 

分 类 号：F822.0[经济管理—财政学] F276.3F276.5