我国存在货币政策传导的存款渠道吗?  

Does the Deposit Channel Exist in China's Monetary Policy Transmission?

作　　者：李丽雯 项后军 刘冲[4] 李政 Li Liwen;Xiang Houjun;Liu Chong;Li Zheng

机构地区：[1]江西财经大学智慧金融创新实验室 [2]江西财经大学金融学院 [3]广东金融学院金融与投资学院 [4]上海财经大学金融学院党委 [5]天津财经大学金融学院

出　　处：《统计研究》2025年第2期84-98,共15页Statistical Research

基　　金：国家社会科学基金重点项目“防范化解经济金融领域风险研究”(22AZD040)。

摘　　要：存款对于商业银行发展和经济增长具有重要意义,但以往研究货币政策传导的对象大多针对银行的资产端(主要为贷款),对负债端方面(存款等)则多有忽略。鉴于此,本文基于较新的理论进展,对我国货币政策传导的存款渠道存在性问题进行较为全面的研究。结果发现:货币政策无法通过银行存款市场势力传导,即不存在货币政策银行表内存款渠道,且考虑到利率市场化的因素结果仍然如此;然而,将银行表外理财市场作为一种类存款纳入存款渠道理论的识别框架后却发现,我国存在本土化的货币政策银行表外类存款渠道,即货币政策银行理财产品渠道。其原因在于,在本文的样本期内,理财产品收益率更加市场化,促使银行拥有一定理财产品定价的自主权,能更加灵活地根据货币政策立场调整理财规模。本文拓展了我国货币政策传导渠道和银行理财产品等方面的研究,为银行存款定价和金融市场完善提供理论和实证参考。Deposits are of great importance to the development of China’s banking and economic growth.However,the past research on monetary policy transmission mostly focuses on the asset side(mainly loans),while the liability side(deposits,etc.)is ignored.In view of this,based on relatively recent theoretical advances,this paper conducts a comprehensive study on the existence of the deposit channel of China's monetary policy transmission.The result shows that monetary policy can’t be transmitted through bank deposit market power,that is,there is no on-balance sheet deposit channel of monetary policy,and considering the factors of interest rate liberalization,the result is still the same.However,after incorporating off-balance sheet wealth management products as a type of quasi-deposit into the identification framework of the deposit channel theory,we find that there is off-balance sheet quasi-deposit channel of monetary policy transmission with local characteristics in China,namely,bank wealth management product channel of monetary policy.The reason is that in the sample period of the study,the wealth management products yield have become more market-oriented,which encourages banks to have more autonomy in the pricing of these products and more flexibility to adjust the scale of wealth management products according to the monetary policy stance.This paper expands the research on China’s monetary policy transmission channels and bank wealth management products,and provides references for bank deposit pricing and financial market improvement.

关 键 词：存款渠道 货币政策 市场势力 表外理财 

分 类 号：F820[经济管理—财政学]