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| Monetary Policy and Heterogeneous Enterprises' Leverage RatioBased on the Perspective of Vertical Structure of Industries |
| WANG Yong, MA Xinbin, ZHOU Junyang
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Graduate School, Chinese Academy of Social Science;
Research Institute of Finance and Banking Postdoctoral Programme, PBoC;
Research Institute of Finance and Banking, Chinese Academy of Social Science |
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Abstract Currently, high leverage has been the source of financial risks.Around the basic way to prevent and defuse the financial risks by deleveraging structrually,the parties have put forward a series of deleveraging measures. In this context, this paper establishes a Dynamic Stochastic General Equilibrium (DSGE) model, which includes the dual mechanisms of “Financial Friction” and “Balance Sheet Recession”, and discusses how central bank's tightening Monetary Policy influences the leverage ratios of SOE and PE. It concludes that, firstly, raising the policy interest rate will reduce the leverage ratio of SOE, but at the expense of the rise of PE's leverage ratio and a slight decline of output. Secondly, with the policy's interest rate rising, decreasing the linkage degree of Vertical Structure of Industries will both enlarge the falling margins of SOE and the whole non-financial enterprises' leverage ratios, but reduce the rising range of the leverage ratio of PE. Thirdly, the Monetary Policy, with consideration of the non-financial enterprises' leverage ratio, will help improve the social welfare, but its effect is faint. Based on the above,this paper argues that the promotion of economic deleveraging requires controlling the “currency”, and studying the feasibility of other policy options in-depth such as fiscal policy, macroprudential policy. In the process of promoting deleveraging, monetary policy should control the “overall gate of money” and macroprudential policy should put the risk at the “total mark”.
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Received: 31 October 2017
Published: 01 November 2018
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