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| Monetary Policy, Interbank Business and Bank Liquidity Creation |
| GUO Ye, CHENG Yuwei, HUANG Zhen
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| School of Economics/The Wang Yanan Institude for Studies in Economics,Xiamen University |
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Abstract By constructing the interbank liquidity creation index and the non-interbank liquidity creation index respectively, we examine the impact of monetary policies on the reaction of bank liquidity in terms of growth rates and the structure as well, we explore the factors that influence commercial banks to carry out interbank business. We find that loose monetary policies would increase the growth of total liquidity creation but reduce the growth of interbank liquidity creation and enlarge the non-interbank liquidity creation. Moreover, we find monetary policies have heterogenous effects on banks. Loose monetary policies would reduce the growth of interbank liquidity creation for banks deeply involving into interbank business. Monetary policies also significantly alter the composition of banks' interbank assets. The banks involving more into interbank business tend to having higher risks. Finally, under the macro-prudential policy framework, we suggest improving the coordination of monetary policy and financial supervision, using multiple monetary policy tools for anticipatory adjustments and fine-tuning in time, further promoting the development of financial market and reducing the over reliance of banks on the interbank business.
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Received: 12 December 2016
Published: 01 November 2018
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