Monetary Policy,Macro-Prudential Policy And Systemic Risk Of Banks

After the outbreak of the global financial crisis in 2008,it challenged traditional monetary policy.All sectors of society believed that macro-financial risks must be regulated.Academia began to re-examine the original monetary policy transmission mechanism.Macro-prudential policy gradually entered scholars and market participation Subject's vision.The report of the 19 th National Congress of the Communist Party put forward the "two-pillar regulation framework for sound monetary policy and macro-prudential policy",which is also an important measure to summarize the lessons of the international financial crisis and better prevent systemic risks and maintain financial market stability in light of China's national conditions.The banking industry is an important part of China's financial system.Today's global economy and finance are highly interrelated.Once a bank faces failure,it may pass the risk to the entire banking system or even the financial system,resulting in large-scale risks.In view of this,this article starts from the perspective of bank systemic risk and analyzes the issue of dual pillar regulation of monetary policy and macro-prudential policy.Firstly,through the construction of the BK theoretical model to examine the effects of monetary policy and macro-prudential policy tools,and to explore the necessity of two-pillar policy coordination.Secondly,the panel data of 14 listed banks in China from 2008 to 2018 was selected as the research object,Stata15.0 and Matlab8.0 were used for data analysis and relevant empirical tests.Through an empirical analysis of the impact of monetary policy on bank systemic risk and whether there is an asymmetry in the impact of different monetary policy cycles on bank systemic risk,on this basis,we will focus on exploring the combined effect of different monetary policies and macroprudential policy tools on bank systemic risk The impact of different policies and tools,and the effect of the combination of different policy tools,further divided the sample banks into large state-owned commercial banks,joint-stock commercial banks and urban commercial banks for group analysis.The results of the study show that monetary policy is significantly negatively correlated with systemic risks of banks;the effects and degrees of different monetary policy cycles on systemic risks of banks are significantly different,and loose monetary policy has a promoting effect on systemic risks of banks,and this role The degree is significantly higher than the restraining effect of tightening monetary policy on the systemic risks of banks.In terms of two-pillar policy regulation,monetary policy tools and macro-prudential policy tools are complementary.The central bank's operation of increasing pressure on capital regulation and reducing the loan-to-value ratio ceiling will make tight monetary policy negative for the systemic risks of banks The effect is more significant.For different types of commercial banks,the effect of the two-pillar policy on urban commercial banks is better than that of large state-owned commercial banks and joint-stock commercial banks.Finally,it summarizes and evaluates the impact of monetary policy and macro-prudential policy on the systemic risks of banks,and puts forward corresponding policy recommendations in light of China's national conditions,in order to achieve the best results through the coordination and coordination of two-pillar policies,so as to better Prevent systemic risks of banks.