| The financial crisis that swept the world in 2008 caused significant losses to the world financial system and the real economy.The governments and regulatory authorities in all countries have clearly recognized that the behavior of a single financial institution may have a significant impact on the entire financial system and the real economy.As an important part of the world economic system,the development of China's financial market has attracted the attention of the rest of the world.However,the systemic risks faced by China's financial system can't be ignored.After the crisis,the regulatory authorities of various countries gradually strengthened the supervision of commercial Banks,and intensified the requirements on the capital adequacy ratio and bank liquidity level of commercial Banks.In a short period of time,China's Commercial Banks not only experienced the double constraint of capital and liquidity,but also faced the influence of multiple uncertain factors such as economic downturn,interest rate liberalization,exchange rate fluctuations.Therefore,whether from the perspective of macro-prudential policies or the reality of economic operation,studying the behavioral characteristics of commercial banks under the dual constraints of capital and liquidity and their impact on bank systemic risk has great theoretical and practical significance.On the basis of summarizing the domestic and foreign literature on the systemic risks of commercial banks and their influencing factors,this paper has thoroughly discussed the impact and changes of capital adequacy ratio and liquidity creation on the systemic risks of banks.At the same time,combined with the new changes in China's financial regulatory governance structure,the impact of monetary policy and macro-prudential policy on the systemic risks of banks is analyzed.The empirical analysis of this paper indicates that:(1)The capital adequacy ratio of commercial Banks have significantly positive correlation with the systemic risk of Banks.The higher the capital adequacy ratio of banks,the better the stability of the banking system,in line with"risk absorption hypothesis".However,the excessively high capital adequacy ratio has increased the systemic risk of the bank,A reasonable capital adequacy ratio should be maintained to effectively prevent and resolve systemic risks of banks.(2)Liquidity creation is negatively correlated with Banks' systemic risk.The higher the liquidity creation,the better the stability of the banking system.(3)Due to the different supervision of capital and liquidity in China,the effect of capital adequacy ratio on systemic risks of commercial banks is higher than that of liquidity creation.(4)The influence of monetary policy and capital supervision on the systemic risks of commercial banks has a synergistic effect.The coordination of the two is conducive to reducing the systemic risks of banks and maintaining the stability of the financial market.Therefore,China's regulatory authority should pay attention to the behavioral characteristics of bank systemic risks under the dual constraints of capital and liquidity,not only to further improve and strengthen capital supervision,to flexibly manage capital adequacy ratio,but also to effectively monitor the creation of off-balance-sheet liquidity for commercial banks Improve the macro-prudential supervision liquidity tools,establish a scientific and reasonable liquidity risk early warning system,and strengthen the linkage and coordination between monetary policy and macro-prudential policy,and continue to improve the "dual pillar" regulatory framework of monetary policy and macro-prudential policy. |
PDF Full Text Request