Study On Commercial Banks' Credit Behavior In Transmission Channel Of Monetary Policy

As the international economic situation gets increasingly complicated,it would be important for China to adjust the macroeconomic policy and regulations.Monetary policy is the major Macro-control mean.However,monetary policy needs some transmission channels to affect the real economy.Generally speaking,credit channel plays the leading role.That is to say,commercial bank is an indispensable link in the transmission of monetary policy.Apparently,different banks acts in different ways due to their heterogeneity and that would affect the effectiveness of macro-economic tools.Therefore,studying how the heterogeneity of banks affects their credit release would help formulate more reasonable macro-economic policies.The paper selects data of 21 domestic commercial banks from 2006 to 2015 every half year and builds panel models to find out the change of their credit behaviors when the monetary policy alters.The whole study focuses on not only the credit scale but also the structure and intends to figure out whether the bank's microscopic characteristics influence this progress.The conclusions are as follows: 1)The total credit scale changes in line with the monetary policy and the specific type of loans including off-balance sheet financing also follows this rule.2)The loan structure changes as well as the scale.The increase of the base currency would lift the percentage of the enterprise loan but reduce secured loan's proportion.3)The liquidity and capital adequacy play an important role in the whole process,while non-performing loan ratio and profitability only affect specific kind of loans.4)Conclusions are still correct in the samples of different ownership structures.However,the microscopic characters would act more complex in these samples.