经济研究
經濟研究
경제연구
Economic Research Journal
2012年
5期
31~44
,共null页
货币政策立场 风险承担 金融稳定 宏观审慎
貨幣政策立場 風險承擔 金融穩定 宏觀審慎
화폐정책립장 풍험승담 금융은정 굉관심신
Monetary Policy Stance ; Risk Taking; Financial Stability ; Macro-prudential
本文基于中国2000--2010年间的经济金融数据，应用动态面板系统广义矩法，考察我国货币政策立场对银行风险承担的影响。结果显示，货币政策立场显著影响银行风险承担，且受市场结构及商业银行资产负债表特征的影响。这说明从金融稳定的视角来看，货币政策并非中性，我国应将货币政策纳入宏观审慎监管框架，加强其与金融监管政策的协调配合，以促进经济金融稳定。
本文基于中國2000--2010年間的經濟金融數據，應用動態麵闆繫統廣義矩法，攷察我國貨幣政策立場對銀行風險承擔的影響。結果顯示，貨幣政策立場顯著影響銀行風險承擔，且受市場結構及商業銀行資產負債錶特徵的影響。這說明從金融穩定的視角來看，貨幣政策併非中性，我國應將貨幣政策納入宏觀審慎鑑管框架，加彊其與金融鑑管政策的協調配閤，以促進經濟金融穩定。
본문기우중국2000--2010년간적경제금융수거，응용동태면판계통엄의구법，고찰아국화폐정책립장대은행풍험승담적영향。결과현시，화폐정책립장현저영향은행풍험승담，차수시장결구급상업은행자산부채표특정적영향。저설명종금융은정적시각래간，화폐정책병비중성，아국응장화폐정책납입굉관심신감관광가，가강기여금융감관정책적협조배합，이촉진경제금융은정。
This paper, based on a recent literature survey together with the economic and financial evidence from 2000-- 2010 in China, explores the effect of monetary policy stance on banks＇ risk taking with the method of systemic GMM for dynamic panel data. The empirical result shows that the bank risk-taking is significantly influenced by monetary stance as well as market structure and the balance sheet quantities of commercial banks, which indicates that monetary policy is not neutral from a perspective of financial stability and its decision should be made in the framework of macro-prudential regulation, moreover, coordination between monetary policy and financial supervision should be enhanced to facilitate the stability of economy and finance.
