摘要
本文分析了影子银行影响货币市场流动性的理论途径。近年来,影子银行在满足多样化社会融资需求方面发挥了独特作用。但过度地和不规范地使用这一体系却可能助长金融资源的配给现象,同时加剧商业银行资金的期限错配。这两个维度上的资金错配都可能放大商业银行体系的脆弱性。当市场信心受到冲击时,商业银行将采取流动性囤积行为,进而导致流动性资产供求失衡,市场出现较大的利率波动。本文使用VAR模型对2006年1月到2013年6月的数据进行的实证检验支持了以上分析。
This paper studies the channels of shadow banking affecting the liquidity in money market. In recent years, shadow banking have facilitated the financing demands from various agents. However, over-using the shadow banking inappropriately can lead to misallocations of financial resources and more severe maturity mismatches between assets and liabilities. These two channels can amplify the financial fragility to external shocks. When market confidence is shocked, commercial banks would hoard liquidity which induces over demand of liquidity and drives up the interest rates. This paper confirms the analysis in a VAR model with the data from January 2006 to June 2013.
出处
《金融监管研究》
2014年第1期65-76,共12页
Financial Regulation Research
关键词
影子银行
流动性囤积
金融脆弱性
Shadow Banking
Liquidity Hoarding
Financial Fragility
