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| The Synergistic Effect of Chattel Mortgage Financing for Enterprises and Macro-prudential Regulation |
| GAO Jiechao, FAN Conglai, YANG Dongwan
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Business School, Nanjing University;
Huangpu Branch of Shanghai, Bank of Communications |
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Abstract This paper puts the credit supply side bank and credit demand side enterprise into a DSGE model including financial endogeneity. It seeks to get the solution to relieve credit pro-cyclicality from the credit supply side and demand side meanwhile by the introduction of dynamic provisioning and chattel mortgage. The simulation results based on financial shock show: first, raising the proportion of chattel mortgage in mortgage loan moderately helps alleviate the financing difficulties and could obviously inhibit economic volatility caused by excessive credit crunch on the background of the downturn; second, the forward-looking counter-cyclical dynamic provisioning policy is better than the traditional backward-looking provisioning policy in ironing economic volatility; third, the combination of high enforcement strength in dynamic provisioning policy and moderate enforcement strength in chattel mortgage leads to minimal welfare loss, the combination of both high enforcement strength in two policies leads to maximal welfare loss. It suggests that making and improving dynamic provisioning policy quickly could effectively alleviate the excessive credit crunch caused by economic downturn and it should set enforcement strength in chattel mortgage scientifically to further improve macro-prudential policy’s effectiveness.
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Received: 06 December 2016
Published: 18 January 2018
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