| After sub-prime crisis,Macro prudence has been highlighted as an important path to prevent systemic risks.Since 2009,China has taken action in macro prudence.In the context of interest rate liberalization,inter-bank certificates of deposit were initially issued at the end of 2013 and developed rapidly into considerable volume soon without rigid regulation.Since 2016,China began to implement macro prudential assessment,i.e.MPA,for banking industry.From the first quarter of 2018,inter-bank certificates of deposit within 1 year for banks of total assets more than 500 billion became a part of inter-bank liabilities in MPA.This essay starts from summarizing related literature on macro prudence and inter-bank certificates of deposit,to select corresponding variables of capital adequacy,liquidity,asset quality,interest rate liberalization and policy changes.Then we pick up the top 108 commercial banks sorted by 2017 annual reports in Wind as research samples,and divide them into three groups to do respective empirical analysis by Probit model and Tobit model.Results show that commercial banks issue inter-bank certificates of deposit out of regulatory arbitrage under macro-prudential constraint,while state-owned banks are mainly driven by regulatory capital arbitrage and liquidity limit evasion,joint-stock banks are out of asset quality requirement and urban and agricultural banks are driven by regulatory capital arbitrage.Policy notification cannot significantly affect commercial banks except state-owned banks.Restricting issuance qualification of inter-bank certificates of deposit and assessing them by average level are suggested.Additionally,preventing systematic risks in advance,and adopting more financial business and institutions into MPA are needed. |
