|
|
|
| Research on the Transmission Efficiency of China’s Monetary Policy through Bank Lending Channel:Based on Cournot Model of Banking Structure |
| DONG Huaping, GAN Xingdi
|
School of Finance, Shandong Technology and Business University;
School of Economics, Fudan University |
|
|
|
|
Abstract Based on the construction of Cournot model in which banking structure affects transmission efficiency of bank lending channel of monetary policy, by selecting the 5 large state-owned commercial banks, 12 joint-stock commercial banks and 105 city commercial banks, a total of 13 years of the unbalanced panel data from 2000 to 2012, and using the individual fixed effects empirical analysis, we get the following basic conclusion: the competitive banking structure is conducive to improve the transmission efficiency of bank lending channel of monetary policy. Moreover, the use of different banking structure indicators and system GMM estimation of expanded dynamic empirical model ensures the robustness of the empirical results.
|
|
Received: 30 April 2014
Published: 19 April 2018
|
|
|
|
|
| [1] |
蒋瑛琨、刘艳武和赵振全,2005,《货币渠道与信贷渠道传导机制有效性的实证分析——兼论货币政策中介目标的选择》,《金融研究》第5期,第70~79页。
|
| [2] |
冀志斌和宋清华,2013,《银行高管薪酬与货币政策信贷传导效率》,《国际金融研究》第4期,第41~51页。
|
| [3] |
李涛和刘明宇,2012,《资本充足率、银行信贷与货币政策传导——基于中国25家银行面板数据的分析》,《国际金融研究》第11期,第14~22页。
|
| [4] |
刘斌,2005,《资本充足率对信贷、经济及货币政策传导的影响》,《金融研究》第8期,第10~22页。
|
| [5] |
刘涛雄和王伟,2013,《银行信贷结构对货币政策有效性的影响》,《清华大学学报(哲学社会学版)》第3期,第138~147页。
|
| [6] |
刘洋,2011,《中国银行业集中度对货币政策效果的影响——基于VAR模型的经验实证》,《税务与经济》第3期,第35~41页。
|
| [7] |
潘敏、罗霄和缪海斌,2011,《银行信贷的行业产出与溢出效应》,《投资研究》第8期,第12~22页。
|
| [8] |
谭之博和赵岳,2012,《银行集中度、企业储蓄与经常账户失衡》,《经济研究》第12期,第55~68页。
|
| [9] |
徐明东和陈学彬,2011,《中国微观银行特征与银行贷款渠道检验》,《管理世界》第5期,第24~37页。
|
| [10] |
许小苍,2008,《银行市场集中度对银行信贷渠道影响的实证分析》,《河南金融管理干部学院学报》第6期,第59~63页。
|
| [11] |
许友传,2012,《商业银行对货币政策的信贷行为反应与分布特征》,《上海经济研究》第9期,第3~11页。
|
| [12] |
杨国中、李宏瑾和尹兴中,2011,《货币政策操作对银行部门的影响——基于商业银行面板数据的实证研究》,《投资研究》第11期,第3~15页。
|
| [13] |
闫力、刘克宫和张次兰,2009,《货币政策有效性问题研究——基于1998～2009年月度数据的分析》,《金融研究》第12期,第59~71页。
|
| [14] |
周英章和蒋振声,2002,《货币渠道、信用渠道与货币政策有效性——中国1993～2001年的实证分析和政策含义》,《金融研究》第9期,第34~43页。
|
| [15] |
Adams, R. M., and D. F. Amel. 2005. “The effects of local banking market structure on the banking-lending channel of monetary policy.” FEDS Working Papers, NO. 10.
|
| [16] |
Altunbas, Y., O. Fazylow, and P. Monlyneux. 2002. “Evidence on the Bank Lending Channel in Europe.” Journal of Banking & Finance, 26(11):2093~2110.
|
| [17] |
Amidu, M., and S. Wolfe. 2013. “The effect of banking market structure on the lending channel: Evidence from emerging markets.” Review of Financial Economics, 22(4):146~157.
|
| [18] |
Angelini, P., and N. Cetorelli. 2003. “Effects of regulatory reform on competition in the banking industry.” Journal of Money, Credit, and Banking, 35(5):663~684.
|
| [19] |
Arellano, M., and S. Bond. 1991. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations.” Review of Economic Studies, 58(2):277~297.
|
| [20] |
Bernanke, B. S., and A. S. Blinder. 1988. “Credit, Money, and Aggregate Demand.” American Economic Review, 78(2):435-439.
|
| [21] |
Bernanke,B.S., and M. Gertler. 1995. “Inside the Black Box: The Credit Channel of Monetary Policy Transmission.” Journal of Economic Perspectives, 9(4):27-48.
|
| [22] |
Blundell, R., and S. Bond. 1998. “Initial conditions and moment restrictions in dynamic panel data models.”Journal of Econometrics, 87:115~143.
|
| [23] |
Ehrmann, M., and L. Angeloni. 2003. “Monetary transmission in the euro area: early evidence.” Economic Policy, 18(37):469~501.
|
| [24] |
Goddard, J., and J. O. S. Wilson. 2009. “Competition in banking: A disequilibrium approach.” Journal of Banking and Finance, 33(12):2282~2292.
|
| [25] |
Gunji, H., K. Miura, and Y. Yuan. 2009. “Bank competition and monetary policy.” Japan and the World Economy, 21(1):105~115.
|
| [26] |
Kashyap, A. K., J. Stein, and D. W. Wilcox. 1993. “Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance.” American Economic Review, 83(1):78~98.
|
| [27] |
Kashyap, A. K., and J. Stein. 1995. “The impact of monetary policy on bank balance sheets.” Carnegie-Rochester Conference Series on Public Policy, 42:51~195.
|
| [28] |
Kashyap, A. K., and J. Stein, 1997. “The role of banks in monetary policy: a survey with implications for the European Monetary Union.” Economic Perspectives, 27 (9):2~18.
|
| [29] |
Kishan, R. P., and T. P. Opiela. 2006. “Bank Capital and Loan Asymmetry in the Transmission of Monetary Policy.” Journal of Banking &Finance, 30(1):259~285.
|
| [30] |
Klapper, L.F., T. A. Rima, and A. Berger. 2009. “Bank competition and financial stability.” Journal of Financial Services Research, 35(2):99~118.
|
| [31] |
Klein, M. A.. 1971. “A theory of the banking firm.” Journal of Money, Credit, and Banking, 3(2):205~218.
|
| [32] |
Oliner S. D., and G. D. Rudebusch. 1996. “Is there a broad credit channel for monetary policy?” FRBSF Economic Review, 1:3~13.
|
| [33] |
Olivero, M. P., Y. Li, and B. N. Jeon. 2011. “Consolidation in banking and the lending channel of monetary transmission: Evidence from Asia and Latin America.” Journal of International Money and Finance, 30(6):1034~1054.
|
| [34] |
Panzar, J. A., and J. N. Rosse. 1987. “Testing for monopoly equilibrium.” Journal of Industrial Economics, 35(4):443~456.
|
| [35] |
Sellon, G. H.. 2002. “The changing U.S. financial system: Some implications for the monetary transmission mechanism.” Federal Reserve Bank of Kansas City Economic Review, 87(1):5~35.
|
|
|
|
