A Study On The Relationship Between Macro Liquidity And The Liquidity Of The Banking System From The Perspective Of Green Finance

With the rapid growth of China's economy,resource consumption and environmental pollution are becoming more and more serious.In the critical period of economic transformation,these problems are urgent and urgent.In this case,considering the environmental and resource problems and developing the green economy have become the inevitable strategic orientation of China.Accordingly,as an important part of the economy,finance has been given more mission.With the full start of China's carbon trading market,carbon emissions enterprises will be directly affected by the risk of carbon financial market,and liquidity risk is one of the main risks of China's carbon financial market.Firstly,using the statistical data of 1978-2016,on China's reform and opening up the broad money supply,interbank lending rates Shibor and carbon emissions were dynamic trend analysis,found that China's macro liquidity,banks and carbon emissions are the popular stage showing the variation of carbon emissions,which I China and the macro overall liquidity showed a growth trend,and has obvious phase characteristics,the bank is in a stable state of epidemic.On this basis,the relative data of 2007-2016 years are selected to analyze the relationship between macro liquidity and bank liquidity dependent structure.Through the establishment of the copula function model,it is found that there is a symmetrical relationship between the carbon emission and the liquidity of China's macro liquidity and the banking system,but there is no tail correlation.Based on the green finance perspective,the results of the copula model and the VAR model show that there is a negative and symmetrical structural relationship between the macro liquidity and the micro liquidity,and there is no tail correlation.The impact of macro liquidity on the fluctuation of micro liquidity reached the maximum when the lag phase was 2,and gradually disappeared after the lag of the 10 period.The impact of the liquidity of the banking system on the volatility of macro liquidity reached the maximum when the lag period was 3,and gradually disappeared after the lag period of 10.At the same time,combined with cointegration test,impulse response analysis and Granger causality test,the dynamic relationship between carbon emissions and macro liquidity was thoroughly analyzed.It was found that carbon emissions had a significant impact on China's macro liquidity,and carbon emissions and macro liquidity were in the long-term equilibrium and short-term fluctuations.Among them,the long-term equilibrium coefficient is 0.357 and the short-term error correction coefficient is-0.7686;there is a one-way causality between carbon emission and macro liquidity,and the macro liquidity is the Granger cause of the change of carbon emissions,and otherwise it is not.It can be seen that at present our country is still dominated by traditional finance,and we still need to intensify the development of green finance.At the same time,as an important pillar of the financial industry,the banking industry needs to standardize the content of business development,actively cooperate with macro policy,innovate and develop "green industry",improve the value of corporate social responsibility,and give practical action for the development of green finance.