摘要
针对经济新常态下货币政策工具的选择和系统性金融风险防范问题,本文运用内生性网络模型和仿真模拟技术考察了不同货币政策工具实施下的系统性金融风险演变。研究发现,短期中当向市场释放或者收缩大致相同的流动性时,利率工具比法定存款准备金率工具更有利于金融体系稳定。系统性金融风险随法定存款准备金率和央行目标利率的调整表现出不同的演化趋势,异质性银行的系统性风险贡献对不同货币政策工具的反应存在差异。金融稳定视角下的货币政策实施可通过对银行的差别监管政策或宏观审慎工具的搭配使用来降低其对系统性金融风险的不利影响。
As far as questions of the choice of monetary policy instruments and the precaution of financial systemic risk under the new normal economy are concerned, this paper investigates the evolution regularity of systemic financial risk under different monetary policy instruments via endogenous network model and simulating technique. Our results show that interest rate instrument is more beneficial for financial stability than the statutory deposit re- serve ratio when the same amount of liquidity is released or tightened in short term. Systemic financial risk exhibits different evolution trends with the adjustments of statutory reserve ra- tio and central bank＇s target rate, and heterogeneous banks＇ systemic risk contributions react differently to them. From the perspective of financial stability, some negative effect on systemic risk posed by monetary policy can be reduced though differential regulation for banks or macro-prudential tools.
出处
《数量经济技术经济研究》
CSSCI
北大核心
2016年第1期58-74,共17页
Journal of Quantitative & Technological Economics
基金
国家自然科学基金青年项目"宏观审慎管理时代金融体系系统性风险研究"(71103146)
面上项目"银行资本约束下我国系统性金融风险传递研究"(71473200)
西南财经大学"中央高校基本科研业务费专项资金"2013年重大基础理论研究项目(金融安全专项)"中国系统重要性银行动态监管机制研究"(JBK131105)
2015年年度培育项目"基于银行同业拆借市场网络关联结构的系统性风险研究"(JBK150928)和2015年博士研究生科研课题资助项目"货币政策实施对金融体系系统性风险的影响及风险防范机制研究"(JBK1507080)的资助
关键词
系统性风险
内生性网络
货币政策
宏观审慎
Systemic Risk
Endogenous Network
Monetary Policy
Macro Prudential
