CAJ | 학술논문

本文基于银行业处于中国金融市场中主导地位，以及居民金融财富主要以银行存款保有等基本特征，论述指出中国银行业在国际量化宽松冲击的影响下存在着内生性的信贷扩张机制，并通过建模分析比较了两种不同形式货币冲击下中国的经济波动情况，指出大规模的信贷扩张改变了中国的货币增长率方式并致使实际产出和货币供应量呈反周期波动，从而形成了国际量化宽松以来中国经济周期波动中特有的金融加速器机制。随着未来国际量化宽松政策的变化，这种机制会给中国经济的运行带来风险，对此我们也提出了相应的对策与建议。
본문기우은행업처우중국금융시장중주도지위，이급거민금융재부주요이은행존관보유등기본특정，논술지출중국은행업재국제양화관송충격적영향하존재착내생성적신대확장궤제，병통과건모분석비교료량충불동형식화폐충격하중국적경제파동정황，지출대규모적신대확장개변료중국적화폐증장솔방식병치사실제산출화화폐공응량정반주기파동，종이형성료국제양화관송이래중국경제주기파동중특유적금융가속기궤제。수착미래국제양화관송정책적변화，저충궤제회급중국경제적운행대래풍험，대차아문야제출료상응적대책여건의。
In this paper we declare that as China＇s banks dominate its financial markets and citizens in Chi- na keep bank deposits as their main financial assets, banks in China have the incentive to expand their loans in the ease of intemational quantitive ease. Then we build a model to see China＇s business cycles under two different monetary shocks, which says that the explosive loans changed China＇s monetary growth rate, leading to the eountercyclical fluctuations of China＇s product growth rate and money supply, and this process is actu- ally China＇s special financial accelerator mechanism in its business cycles. This mechanism may bring risks to China＇s economy when the international quantitive ease varies in the future, and we also put forward to the corresponding policy suggestions.