An Empirical Analysis Of Macroprudential Policy Affecting The Liquidity Creation Of Commercial Banks

In recent years,scholars at home and abroad have conducted extensive discussions and research on the transmission of monetary policy and the creation of commercial banks' liquidity.In the past,countries relied mainly on the adjustment of monetary policy to iron out economic fluctuations.However,with the development of financial markets and the deepening of financial innovation,in addition to improving the speed of economic development and resource allocation efficiency,the financial cycle and economic cycle have gradually begun to differentiate,especially the rising trend of financial mixed industry and cross-linked financial products in recent years.Derivation makes the transmission,cross-cutting and vulnerability of financial risks increase significantly.The traditional monetary policy system faces enormous challenges and requires the intervention of more targeted macro-prudential policies to compensate for the weaknesses of the original regulatory framework.insufficient.Therefore,China has carried out a series of explorations on the supervision of macro-prudential policies,and gradually formed a “double pillar” regulatory framework for macro-prudential policies and monetary policies.Compared with monetary policy,the macroprudential policy aims to prevent systemic financial risks and maintain financial stability.As the most important financial institution in China's financial market,commercial banks are one of the key regulatory targets for macro-prudential policies.According to modern financial intermediation theory and Diamond & Dybvig research,liquidity creation is the core function of the two basic functions of the bank.With the creation of liquidity,banks provide financial guarantees for economic activities,while also accelerating transactions between economic entities.Therefore,the liquidity creation of commercial banks has a far-reaching impact on the development of the bank itself and the stability of the entire banking system and financial system.Although a large number of studies have shown the impact of monetary policy on the liquidity creation of commercial banks,under the condition of strengthening macro-prudential policy supervision,the relationship between macro-prudential policies and the liquidity creation of commercial banks,monetary policy and commercial bank flows There has been less research on whether the relationship between sexual creation has changed.Therefore,in order to better regulate the level of liquidity creation of commercial banks,it is necessary to clarify the impact of macro-prudential and monetary policies on them,thereby improving the policy efficiency of macro-prudential and monetary policies and maintaining the stability of the financial system.Based on this,firstly,this paper analyzes the impact mechanism of macro-prudential policy on the liquidity of commercial banks from a theoretical perspective.It mainly includes the direct impact mechanism of macro-prudential policies on the liquidity creation of commercial banks,and the indirect impact mechanism of red prudential policies on the liquidity of commercial banks through the influence of the policy effects of monetary policies.Secondly,this paper uses the static panel regression model and the dynamic panel regression model to empirically analyze the impact of macro-prudential policies on the liquidity creation of commercial banks using the annual data of 30 listed commercial banks in 2010-2017.The results show that the tightening macro-prudential policy The level of liquidity creation of commercial banks is reduced by directly affecting channels.At the same time,it will also inhibit the rising effect of expansionary monetary policy on the level of liquidity creation of commercial banks,and strengthen the downward effect of tightening monetary policy on the level of commercial liquidity creation,which in turn will have an indirect impact on the level of liquidity creation of commercial banks;The effect of the expanded macroprudential policy is just the opposite.Based on the empirical results,this paper suggests: improving the macroprudential policy tool system,accelerating the construction of macro-prudential policies and monetary policy “double-pillar” regulatory framework,and monetary policy transformation to improve the policy efficiency of macro-prudential and monetary policies,maintain the stability of the financial system and standardizing the calculation of the liquidity creation of commercial banks and Promote stable economic operation.