The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become ...The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.展开更多
After the outbreak of the international financial crisis,the People’s Bank of China,based on traditional monetary policy tools,launched a series of structural monetary policy tools such as standing lending facility(S...After the outbreak of the international financial crisis,the People’s Bank of China,based on traditional monetary policy tools,launched a series of structural monetary policy tools such as standing lending facility(SLF),medium-term lending facility(MLF),and pledged supplementary lending(PSL)and targeted at liquidity via the commercial banking system.In order to test the credit transmission effect of structured monetary policy,this paper empirically analyzes the relationship between structured monetary policy,bank liquidity and bank credit based on the VAR model.The research shows that the implementation of structured monetary policy reduces the liquidity of commercial banks in the short term and increases in loans to small or micro enterprises and agriculture-related loans,these policies have produced significant short-term effects on credit transmission in steady of long-term effects.Thus,a series of supporting measures are needed to fully exert the effects of structural monetary policy.展开更多
Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterog...Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterogeneity of corporate and bank credit,the authors divide the policies of the People’s Bank of China into seven categories,and explores the policy effectiveness of structural monetary policy,macro-prudential policy and traditional aggregate monetary policy.Through simulation of the model,it is found that whether facing technical shocks,interest rate shocks or credit shocks,the structural two-pillar policy tool that uses the deposit reserve interest rate as the target of operation is most conducive to economic stability.Technological progress has the most positive and lasting impact on output.Interest rates and credit policies will leave follow-up problems in the adjustment of the economy,and structural two-pillar policies can alleviate the impact of these problems.展开更多
基金support from the National Social Science Fund of China(No.23AZD024)the National Natural Science Foundation of China(No.71973053).
文摘The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.
文摘After the outbreak of the international financial crisis,the People’s Bank of China,based on traditional monetary policy tools,launched a series of structural monetary policy tools such as standing lending facility(SLF),medium-term lending facility(MLF),and pledged supplementary lending(PSL)and targeted at liquidity via the commercial banking system.In order to test the credit transmission effect of structured monetary policy,this paper empirically analyzes the relationship between structured monetary policy,bank liquidity and bank credit based on the VAR model.The research shows that the implementation of structured monetary policy reduces the liquidity of commercial banks in the short term and increases in loans to small or micro enterprises and agriculture-related loans,these policies have produced significant short-term effects on credit transmission in steady of long-term effects.Thus,a series of supporting measures are needed to fully exert the effects of structural monetary policy.
基金supported by High-level Talent Project of Basic and Applied Basic Research Program(Natural Science Field)of Hainan Province under Grant No.2019RC065the National Natural Science Foundation of China under Grant No.71963011Philosophy and Social Science Planning Project of Hainan Province under Grant Nos.HNSK(ZD)19-108 and HNSK(QN)18-10。
文摘Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterogeneity of corporate and bank credit,the authors divide the policies of the People’s Bank of China into seven categories,and explores the policy effectiveness of structural monetary policy,macro-prudential policy and traditional aggregate monetary policy.Through simulation of the model,it is found that whether facing technical shocks,interest rate shocks or credit shocks,the structural two-pillar policy tool that uses the deposit reserve interest rate as the target of operation is most conducive to economic stability.Technological progress has the most positive and lasting impact on output.Interest rates and credit policies will leave follow-up problems in the adjustment of the economy,and structural two-pillar policies can alleviate the impact of these problems.
