Monetary Policy,Credit Asset Securitization And Risk-taking Of Banks

At present,China's economic environment is complex,the economic growth rate slowed down compared to the beginning of twenty-first Century,while the economic structure gradually adjusted and the real economy declined.For supporting the smooth development of the real economy,the central bank has reduced six RMB benchmark deposit and lending rates from the end of November 2014,in order to decline social financing costs and inject more liquidity into the real economy.However,the benchmark deposit and loan interest rates and other monetary policy adjustment will be bound to have an impact on the bank's operations and development.On the other hand,China started a pilot credit asset securitization in 2005,but due to the outbreak of the global financial crisis,the pilot was forced to halt in 2008.Beginning in September 2012,China restarted the credit asset securitization pilot work.After the development of credit asset securitization market between 2005 to 2008 and 2012 to yet,the credit asset securitization market has been more mature.The subject of credit asset securitization is the bank and other financial institutions.With the increase of the scale of credit asset securitization,it is bound to have a certain impact on the bank.In the first chapter,the paper introduces the research background and significance,explains the research ideas and structure,and describes the research methods.Then it combs and summarizes the previous theoretical analysis on the impact of monetary policy and credit asset securitization on bank risk,and puts forward the research direction of this article.After that,through the introduction of innovative new credit asset securitization factors in D-L-M model,theoretical analysis and demonstration analysis of changes of interest rate policy and securitization of credit assets of commercial bank risk taking.And then,the paper empirically analyzed the conclusions obtained from the theoretical research.With the quarterly data of 12 listed banks in China between the fourth quarter of 2012 to the two quarter of 2016,through the establishment of GMM dynamic panel regression model,we empirically analyzed the relationship between monetary policy,asset securitization and credit risk of banks.Finally,we get the following conclusion: the development of credit asset securitization is helpful to reduce the risk of bank,and the impact of monetary policy on bank risk is uncertain.