Research On The Influence Of Capital Adequacy Ratio On Monetary Policy Credit Transmission

Commercial banks are the main body of credit,and their operating conditions will directly affect the effect of monetary policy transmission.After the financial crisis,Basel Management Committee issued the "Basel Ⅲ",to strengthen the bank's own capital constraints,China has strengthen regulatory measures,strictly defines the meaning of capital.The capital adequacy ratio more and more get attention to supervision.However,the improvement of bank capital adequacy ratio will inevitably affect the providing of bank credit,and further affect the transmission effect of monetary policy.Therefore,it is of great significance to study the impact of capital adequacy ratio on the transmission of monetary policy.First of all,we review the literature at home and abroad,introduce the concepts of capital adequacy ratio and monetary policy credit transmission channels.The traditional transmission channel theory of monetary policy and the credit transmission theory of monetary policy are introduced in detail.Then the impact on the capital adequacy ratio of China's monetary policy normative analysis,introduces the current situation of China's current capital adequacy ratio of commercial banks and the status of monetary policy,analysis of the impact of the theory of monetary policy credit conduction based on capital adequacy ratio.Then,through panel data analysis,the research objects are divided into five state-controlled commercial banks and other joint-stock commercial banks,and the influence of capital adequacy level on monetary policy transmission is studied.Monetary policy tightening,the big five capital adequacy level mainly through the balance sheet channel play a role,and other joint-stock commercial banks by means of the effect of monetary policy transmission bank capital channel more;monetary policy easing and other joint-stock commercial banks only the balance sheet channel will affect the size of the loan growth.The impact is also smaller.But the five major banks can play a good role in the transmission of monetary policy,and successfully achieve the transmission of loose monetary policy.On this basis,according to aggregate data,capital adequacy ratio has a positive impact on macroeconomic variables and interest rates,and then has a certain impact on monetary policy transmission.The positive impact of capital adequacy ratio will also have a positive impact on credit,and the promotion of capital adequacy will inprove the growth of credit.In view of the influence of capital adequacy ratio on monetary policy transmission,we should broaden the sources of financing for commercial banks,improve macro prudential supervision system,deepen financial reform,improve banking system,and achieve the unification of regulatory targets and monetary policy targets.