Study Of Monetary Policy And Bank's Risk-taking Channel

Since the America subprime crisis hit the world,there has been a heated discussion in the academic world about Banks' risk taking on the transmission of monetary policy.Risk assumption refers to financial intermediaries who take risks rationally or irrationally.The long-term low interest rate environment is believed to have contributed to the crisis.Loose monetary policy has allowed commercial banks to reduce their lending standards,thus taking excessive risks.Accordingly,Borio and Zhu(2008)first put forward the "bank risk taking channel of monetary policy transmission".Monetary policy transmission channels of risk bearing is mainly to study the effect of monetary policy on bank risk bearing,its mechanism of action is the change of the monetary policy stance by the financial intermediary risk perception and risk tolerance,lead to financial intermediaries take the initiative to strengthen willingness to take risks,and then affect the risk level of banks' asset portfolio,asset pricing and financing of price and non-price terms.As the bank of banks,the central bank's decision has great impact on commercial banks.After the subprime crisis era,our country has experienced the market-based reform of interest rates,bank deposit and lending spreads narrowed,loose monetary policy,accelerate the pace of financial innovation,commercial banks at present,China's financial system is not sound,the present situation that the financial market is not mature is still exist.How can we in the complex economic environment to bank risk exposures of monetary policy transmission channels?It will undoubtedly benefit the development of monetary policy and the stability of finance.This paper mainly studies the risk exposures of monetary policy transmission channel in China.The existence and the conduction mechanism of based on 16 listed banks in China during 2008-2016 of relevant microeconomic and macroeconomic data measurement model is established.Through two-stage inspection,one phase inspection monetary policy impact on commercial bank risk,to determine monetary policy affects the bank's willingness to risk;The second phase examines the impact of commercial bank risks on the credit delivery of banks to determine that the change of risk taking will enable commercial banks to actively adjust risk taking behavior.Through the empirical part of the test,in this paper,the main conclusions are as follows:(1)Through the model test,the first phase of the monetary policy and banking risks exist significantly negative correlation between the impact,namely the loose monetary policy,the lower the interest rates,bank risk is higher.Through the model of the second stage of the test,the bank and the bank credit risk significantly positive correlation between the influence,the bank will increase in bank credit risk investment increase,through two stages of the test proves that the bank risk-taking channel of monetary policy exist in our country;(2)By introducing a control variable,check out of the bank risk exposures of monetary policy transmission channels of four kinds of transmission mechanism,namely the income and the valuation effect mechanism,the earnings chasing effect mechanism,the central bank communication and reaction mechanism and the lever mechanism.Finally,gives the monetary authorities to deal with the risk of monetary policy transmission channels of policy recommendations,including the following three aspects:firstly,the regulatory authorities classification regulation measures to strengthen the supervision of the commercial bank's risk and the characteristics of the bank according to the different category,set the appropriate regulatory indicators;Secondly,monetary policy should be brought into the macro-prudential framework,through two dimensions of time and industry,and effective to use monetary policy to control the credit to and scale,effective control of liquidity,maintain social finance and monetary aggregates;Thirdly,monetary policy should take into account the financial stability target,implement monetary stability in guarantee under the premise of realizing total regulation and guard against the combination of macro financial risk,while maintaining macroeconomic stability to promote the stable operation of the micro agencies.