CAJ | 학술논문

本文在开放DNK—DSGE模型框架下研究了银行对金融加速器效应的影响。结果表明：模型中加入银行部门后，金融加速器的存在对外生冲击脉冲响应的影响显著；银行部门的存在显著增强了金融加速器效应，对外生冲击脉冲响应也产生了显著影响。银行状况的改变引致信贷供给“松弛”状态变化直接影响金融加速器效应的变化，当银行所面临的成本向不利方向变化时，如违约风险成本、资金成本和操作成本等，将增强金融加速器效应。此外，研究表明信贷供给量与金融加速器之间存在倒“U”型关系。在此基础上，从利率市场化、影子银行变化和融资市场结构变化等角度指出了下一步的研究方向。
본문재개방DNK—DSGE모형광가하연구료은행대금융가속기효응적영향。결과표명：모형중가입은행부문후，금융가속기적존재대외생충격맥충향응적영향현저；은행부문적존재현저증강료금융가속기효응，대외생충격맥충향응야산생료현저영향。은행상황적개변인치신대공급“송이”상태변화직접영향금융가속기효응적변화，당은행소면림적성본향불리방향변화시，여위약풍험성본、자금성본화조작성본등，장증강금융가속기효응。차외，연구표명신대공급량여금융가속기지간존재도“U”형관계。재차기출상，종리솔시장화、영자은행변화화융자시장결구변화등각도지출료하일보적연구방향。
This paper studies how banks affect financial accelerator effects by using the DNK - DSGE model in an open economy. The results show that, with the banking sector joined in the model, the financial accelerator effects make significant influence on exogenous shock pulse response, and the banking sector has significantly enhanced the financial accelerator effects, making significant influence on exogenous shock pulse response. The changing conditions of bank sector will make credit supply relaxation state changed, and will also affect financial accelerator effects. Banks＇ costs increase due to default risk cost, capital cost and operation cost etc. , will enhance financial accelerator effects. In addition, studies have shown that there is an inverted U relationship between credit supply and financial accelerator. Based on the results above, we point out the next research direction from the perspective of interest rate liberalization, shadow banks, as well as financial market structure.