摘要
本文利用我国64家商业银行的微观数据,对货币政策操作在商业银行层面的实际影响展开了实证研究。研究表明,现有主要货币政策工具在商业银行这一关键的政策传导中间环节产生了显著冲击,这种冲击在银行资产配置和净利差两个方面都有体现。通胀和商业银行个体特性对于这种冲击具有重要影响。这种冲击在全国性银行和地区性银行间存在一定差异,因此,本文也为差异化管理提供了理论上的支持。
Based on the micro-finance data of 64 commercial banks, we conduct empirical analysis focusing on the impacts of monetary policy tools on the banking sector. This study shows that our main monetary policy tools can bring significant impact to the banking sector, which is the key policy transmission link. Such impact can be reflected banks＇ asset allocation and net interest margin. Inflation and commercial banks＇ firm-level characteristics have important influence on such impact. There are significant differences between the impact on national-wide banks and local banks, thus our work provides a theoretical support to policy differentiation.
出处
《投资研究》
CSSCI
北大核心
2011年第11期3-15,共13页
Review of Investment Studies
基金
中国人民银行2011年度重点课题“宏观审慎视角下的流动性管理研究”阶段性研究成果
关键词
政策工具
信贷
净利差
Policy tools
Credit
Net interest margin
