| After the financial crisis in 2008,the major developed countries fell into a severe recession,and the central banks greatly lowered the benchmark interest rate in order to inject liquidity into the financial market.However,when the nominal interest rate is relatively low,the central bank will face the plight of the zero lower bound,the liquidity trap may lead to traditional monetary policy transmission channel blockd,the traditional price based monetary policy has lost the space,these countries had to take unconventional quantitative monetary policy,these unconventional monetary policy not only in the intermediate target is different from the traditional monetary policy,but also has the directivity and structural characters in practice.In recent years,China has begun to face a sharp decline in foreign exchange growth,and the structural imbalance of liquidity has become increasingly prominent situation.In order to maintain a reasonable liquidity,the central bank’s monetary base on the channel had to change,but the overall liquidity regulation of traditional monetary policy because of its regional,ownership,industry heterogeneity effect,making the central bank liquidity released by the traditional monetary policy is difficult to flow to the high efficiency of the sector,and even lead to the structural imbalance of liquidity problem more serious.To this end,the central bank in 2013 has launched short-term liquidity operations(SLO),standing lending facilitiy(SLF),medium-term lending facility(MLF),pledged supplementary lending(PSL)and other innovative tools,same as unconventional monetary policy tools,new launched tools in practice which can timely supply liquidity to financial institutions also has the directivity and structural characters.After the financial crisis in 2008,the monetary authorities of various countries paid more attention to the management of the liquidity,and the management of the liquidity of the central bank was based on the liquidity management of the banking system.In recent years,the liquidity in China’s bank system shows the overall abundance and structure shortage situation,for example,in June 2013 China’s "money shortage" incident which is Shibor increased sharply to more than 13%in June 20th,occurred when the liquidity in bank system is abundance.Under this background,the study about when the banking system liquidity shortage,if structural monetary policy tools can effectively regulate the liquidity of the banking system,reducing the money market interest rate fluctuations will have a certain significance.This paper uses the method of empirical analysis,firstly analyzes the internal mechanism of the innovative monetary policy affects liquidity in the banking system,to explore how the innovative monetary policy tools affect the liquidity of the banking system;secondly,using the empirical method to analyze the influence of the innovative monetary policy tools on liquidity of the banking system.This paper includes four parts:the first part,based on the definition an alysis of liquidity in the banking system,the liquidity management of the c entral bank,and central bank liquidity management mechanism,this paper f urther analyzes the internal mechanism of the innovative monetary policy af fects liquidity in the banking system;the second part,this paper uses descrip tive statistical method to analyze the effect of the innovative monetary polic y tools on the liquidity of the banking system.Firstly,from the perspective of liquidity supply and the adjustment of interest rate of money market,th is paper use descriptive statistical method to analyze the innovative monetar y policy.Secondly,from the angle of excess reserve ratio,net integration a nd net financing of interbank lending and repurchase market,money market interest rate,this paper use descriptive statistical method to’ analyze the liq uidity in China’s banking system.Finally,this paper use descriptive statistica 1 method to analyze the effect of the innovative monetary policy on liquidit y in the banking system;the third part,this thesis carries out an empirical study on the effect of innovative monetary policy tools on the liquidity of t he banking system.Select the standing lending facilities,medium-term lendi ng facilities asaproxy for innovative monetary policy tools,the excess reserv e rate and the interbank interest rate as a proxy for the liquidity of the ban king system and reverse repo,make the collection of these variables to the monthly data fromMay 2017 in June 2013,and makes an empirical test by the pulse response function of VEC model;the fourth part,using the above discusses of internal mechanism and the descriptive statistical analysis and empirical test results,make a conclusion about the effect of the innovative monetary policy tools on the liquidity of the banking system,and to further improve the innovative monetary policy regulation,offer the corresponding policy recommendations.Through internal mechanism,empirical test result analysis,this paper argues that the innovative monetary policy tools can improve the liquidity level of the banking system and reduce the money market interest rate.The innovation of this paper lies in the previous literature on the structural monetary policy research is comparative study and simple qualitative study,lack of in-depth study of the mechanism,this paper analyzes the Innovative mechanism of Innovative monetary policy as liquidity management tools,and through empirical method analyzes the effects of the structural monetary policy on the liquidity in the banking system.The deficiencies of this paper are the influence factors of liquidity in the banking system is complex,but the paper not introduce Macro economy and other factors into the empirical model,in addition,limited to the operation information of the Innovative monetary policy disclosured by central bank is not transparent,and the availability of data,the studies on the liquidity regulation effects of structural monetary policy is on the level of liquidity in the banking system the level of the liquidity in commercial banks can not be studied,further more,the structural effects in its liquidity regulation can not be further studied. |
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