The Research Of Monetary Policy’s Risk-Taking Channel Under Multi-Perspective

The broke out of The 2008 global financial crisis helped monetary authority realized that the banks were not risk-neutral in the monetary policy’s transmission channel, however there were risk-taking channel of monetary policy, namely, the relatively low levels of interest rates over an extended period of time contributed to an increase in bank’s risk over accumulation and hence influence the transmission of monetary policy which through the financial intermediaries especially the banks.and that’s also the main reason of this crisis.many foreign researchers carried out in-depth on risk-taking channel. meanwhile,our scholars also start on this filed, and made many progresses. however,when comparing the research between domestic and foreign, we find out that in domestic there many aspects worth probing into, and our article started form these aspects to conduct an overall an intensive study on the risk-taking channel under multi-perspective.Firstly, we began with the existence of monetary’s risk-taking channel, and discussed it in theory, after that we tried to examine the existence in reality from the key assumption of non risk neutral which based on the panel-data in bankscope. Secondly, we carried out a further study on risk-taking channel of monetary policy, we came up with a new conception of “channel identifying” and a related approach to realize it. on this basis we quantitatively analysis the most important mechanism of risk-taking channel for the first time. Thirdly, we re-thinking why the impact of risk-taking channel is not significant, and further prob into the localization characters of the risk-taking channel. in the first place we study the localization features an its causes by data-driven, and combine the interest rate liberalization based on the researches of Dell’ Ariccia(2013,2014), and with a newly created theoretical model and an overall empirical research we comprehensively analysed the influence of interest rate liberalization on the risk-taking channel of monetary policy.