Research On The Effects Of Monetary Policy Shocks To Credit Assets Of Commercial Banks

2009 afterwards,the subprime mortgage financial crisis contributed to the worldwide economic recession.In order to alter this situation,almost all the central banks pursued monetary easing,such as cutting interest rates,providing regular lending facilities,etc.During ?New Normal?,just like other countries in the world,China should never ignore the economy downward pressure.In order to guiding the money and credit and social financing scale to grow steadily and moderately,and to promoting economy to develop healthily and smoothly under the new normal,the people's bank of China constantly adjust monetary easing.It is thus showed that monetary policy plays an important role in macroeconomic regulation.Therefore,it is necessary to investigate whether the change of monetary policy tools and the adjustment of the monetary easing are effective to central banks,including people's bank of China.This article discusses the influence of monetary policy shocks to domestic commercial banks' credit assets by constructing logical frame: theory,status quo,empirical analysis and policy suggestion,which is meaningful in perfecting monetary policy and strengthen credit assets regulation in commercial banks.Train of thought: firstly,after defining monetary policy shocks and introducing other theories,this article discusses the internal mechanism of the effect of monetary policy shocks on domestic credit assets regulation,in the aspects of channel and path;secondly,combining economic background,this article describes the domestic monetary policy operation framework,the situation of the application of monetary tools,and changes in domestic commercial bank credit assets;thirdly,applying the latest developments of econometrics and economatrix,at the levels of index identification,strategy identification and model identification,this article investigates the impact of monetary policy on domestic commercial bank credit assets and term structure.Also,by combining theory and empirical results,this article provides strategy of monetary policy formulation,conduction and implementation,from the perspective of monetary authorities.The preparation of theory: firstly,this article defines monetary policy as a monetary policy change which is not included in macroeconomic situation response.Shocks might originate from the exogenous varies attributed to monetary authorities ' policy preferences,from the strategic consideration and from technical factors.Secondly,when demonstrating the exogeneity and short-term efficiency of monetary policy,this article analyzes assets portfolio theory,imperfect markets theory,asymmetric information theory and bounded rationality theory respectively,considering commercial banks credit assets adjustment.Lastly,this article analyzes the mechanism of the influence of monetary policy on commercial banks credit assets in the level of channel and path.The investigation of current situation: firstly,since the people's bank of China formally exercised the functions of the central bank,domestic monetary policy has experienced three stages,that are the stage with the target of regulating credit quota directly,the stage which put emphasis on required reserves,and the stage with preference on balance sheet management.Secondly,among monetary policy tools,money supply sees a steady and rapid rise.As for its rate,it decreases drastically before remaining unchanged and climbing rapidly.Lending and deposit rates in different terms have the same trend as inter-bank market does,that is steady growth,rapid rise,drastic decline and remaining stable.Lastly,domestic banks credit and assets smoothly grow and have the trend of long-term structure.The empirical analysis: based on structural var and random fluctuations time-varying parameter vector autoregressive model,this article finds that: firstly,the effect of monetary policy shocks have structure transfer effects on domestic commercial banks credit assets,short-term loan and long-term loan;secondly,the effect of the short-term adjustment of monetary policy is fine,but this effect won 't last long;thirdly,the influence of quantitative monetary policy tools on commercial banks credit assets is better than that of pricing monetary policy tools.This difference is especially apparently when it comes to adjusting large banks,which is more effective than adjusting small and middle size banks.Fourthly,quantitative monetary policy shocks have big effects on long-term loans,and these effects normally last long,while pricing monetary policy shocks have the same effects on short-term loans as the former;fifthly,there are mutual promotions among credit assets among those commercial banks in different scales.The promotion effect of big banks on small and middle size banks is espec ially evidently;sixthly,domestic quantitative monetary policy tools are not equipped with level effect,which means that they can indirectly adjust and stimulate output with the help of intermediate variables;seventhly,supply shocks and price shocks al l have impact on quantitative monetary policy and pricing monetary policy,which lead to conversion period.At last,combing normative analysis and empirical analysis,based on the influence of domestic commercial banks credit and assets on monetary policy,and from the perspective of perfecting monetary policy,this article comes up with four advises that are differentiating mechanism of monetary policy,clearing the channel of monetary policy,improving the monetary policy intermediary goal,and pay atten tion to the coordination of supervision policy.This article is meaningful theoretically and practically.As for its theoretical significant,this article defines the what is monetary shocks,and describes the identification methods.As for its practical significant,this article unprecedentedly analyzes the regulation effect of monetary on commercial banks credit and assets,enriching the research results of monetary efficiency and providing theoretical support for monetary authorities.