Abstract:
To coping with the financial crisis, countries around the world have used various forms of quantitative easing monetary policies, nowdays the effect of these monetary policies is diminishing while the side effect cannot be neglected. As a result, market appeals to the monetary authority to launch lower cost and more precise policies, targeted monetary policy control came out. This paper builds an utility function of commercial banks considering both agricultural loans and other loans and analyses the transmission mechanisms of monetary policy and behavior of commercial banks with the feature of credit rationing in the market equilibrium,and then conducts a corresponding simulation with Chinese data.It shows that targeted adjustment of reserve-requirement would optimize the economic structure to some degree while may not promote agricultural loans significantly considering the existence of critical value in the utility function.To implement this policy,many other policy measures are required.
马理, 娄田田, 牛慕鸿. 定向降准与商业银行行为选择[J]. 金融研究, 2015, 423(9): 82-95.
MA Li LOU, Tiantian, NIU Muhong. Targeted Adjustment of Reserve-requirement and Behavior of Commercial Banks. Journal of Financial Research, 2015, 423(9): 82-95.
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