發(fā)布時間：2018-05-27 05:29

  本文選題：信貸渠道 + 資產(chǎn)負債表渠道　； 參考：《南京師范大學》2012年碩士論文

【摘要】：貨幣政策傳導機制的“信貸渠道”已經(jīng)拓展出“銀行信貸渠道”、“資產(chǎn)負債表渠道”和“金融加速器”三種理論,這分別從宏觀、,中觀和微觀角度對貨幣政策傳導機制進行分析,證明了信貸是影響經(jīng)濟增長的重要因素。因此,本文的主要內(nèi)容是對“銀行信貸渠道”、“資產(chǎn)負債表渠道”以及“金融加速器”進行理論上的分析,然后根據(jù)這三種理論對我國經(jīng)濟進行實證分析。理論分析表明除了利率、貨幣供應(yīng)量的變化對宏觀經(jīng)濟運行有影響之外,銀行信貸也是影響宏觀經(jīng)濟運行的重要因素。這表現(xiàn)在銀行信貸規(guī)模的增加促進了經(jīng)濟的增長,銀行信貸規(guī)模的減少減緩了經(jīng)濟的增長。通過對我國國內(nèi)生產(chǎn)總值、貨幣供應(yīng)量與信貸規(guī)模三者之間的實證分析證明了銀行信貸渠道存在于我國的貨幣政策傳導過程中。 然而,該分析僅僅初步說明了信貸渠道存在性問題,并沒有分析信貸渠道是如何對經(jīng)濟實體造成影響的造成。在實際經(jīng)濟運行中,銀行受到來自貨幣當局和監(jiān)管當局的雙重約束,貨幣當局通過存款準備金率控制銀行的信貸規(guī)模,監(jiān)管當局出于防范風險的原因?qū)︺y行的資本負債表有著嚴格的要求,資本充足率必須滿足監(jiān)管當局的要求,這間接地要求銀行貸款的發(fā)放不能超過一定的規(guī)模,否則監(jiān)管當局就可能對銀行采取一定的行動迫使其滿足資本充足率的要求。因此,銀行的信貸行為受到更多的約束,對經(jīng)濟的影響將更加復雜。如果監(jiān)管當局采取的資本充足率要求很低,貨幣當局采取寬松的貨幣政策,在經(jīng)濟的增長階段中銀行將大規(guī)模增加貸款,這將很大的刺激經(jīng)濟的增長；如果監(jiān)管當局有著嚴格的資本充足率要求,即使貨幣當局放寬貨幣政策也不能促進銀行貸款規(guī)模的發(fā)放,也就不能促進經(jīng)濟的增長,甚至在經(jīng)濟的衰退階段將強化經(jīng)濟衰退的過程。通過對我國經(jīng)濟的實證分析,證實了上述的結(jié)論。 宏觀經(jīng)濟運行是一個連續(xù)不斷發(fā)生的過程,微觀經(jīng)濟體的運行將最終影響到宏觀經(jīng)濟。本文假設(shè)家庭采用了內(nèi)含貨幣效用的消費函數(shù)、貨幣當局采取泰勒規(guī)則以及廠商建立內(nèi)含金融加速器思想的生產(chǎn)函數(shù),因此建立動態(tài)隨機一般均衡(DSGE)模型。通過這個模型我們發(fā)現(xiàn)信貸沖擊將對宏觀經(jīng)濟造成很大影響.通過運用Matlab軟件中的dynare程序包,我們得出了“金融加速器”在我國存在的可能性以及造成影響的結(jié)果。
[Abstract]:The "credit channel" of the monetary policy transmission mechanism has developed three theories, namely, "bank credit channel", "balance sheet channel" and "financial accelerator". This paper analyzes the transmission mechanism of monetary policy from macro, meso and micro perspectives, and proves that credit is an important factor affecting economic growth. Therefore, the main content of this paper is the theoretical analysis of "bank credit channel", "balance sheet channel" and "financial accelerator", and then carries on the empirical analysis to our country's economy according to these three kinds of theories. Theoretical analysis shows that in addition to the interest rate, the change of money supply has an impact on the macroeconomic operation, bank credit is also an important factor affecting the macroeconomic operation. This is reflected in the increase in the size of bank credit that has contributed to economic growth, and the reduction in the size of bank credit has slowed economic growth. Through the empirical analysis of GDP, money supply and credit scale, it is proved that bank credit channels exist in the transmission process of monetary policy in China. However, this analysis only shows the existence of credit channels, and does not analyze the impact of credit channels on economic entities. In the actual operation of the economy, banks are subject to dual constraints from the monetary authorities and the regulatory authorities, which control the size of the bank's credit through the reserve requirement ratio. The regulatory authorities have strict requirements on banks' capital balance sheets for reasons of risk prevention, and capital adequacy ratios must meet the regulatory authorities' requirements, which indirectly requires that bank loans should not be issued on a larger scale. Otherwise, regulators may take action against banks to force them to meet capital adequacy requirements. Therefore, the bank's credit behavior is subject to more constraints, the impact on the economy will be more complex. If the capital adequacy requirement is very low, the monetary authority adopts the loose monetary policy, the bank will increase the loan in the economic growth stage, this will stimulate the economic growth greatly; If regulators have strict capital adequacy requirements, even monetary easing will not boost the size of bank lending and economic growth. Even in the recession phase of the economy will strengthen the process of recession. Through the empirical analysis of China's economy, confirmed the above conclusions. The operation of macro-economy is a continuous process, and the operation of micro-economy will ultimately affect the macro-economy. This paper assumes that the family adopts the consumption function with monetary utility, the monetary authority adopts the Taylor rule and the manufacturer establishes the production function with the idea of financial accelerator, so the dynamic stochastic general equilibrium model is established. Through this model, we find that credit shocks will have a great impact on the macro economy. By using the dynare package in Matlab software, we obtain the possibility of the existence of "financial accelerator" in China and the results of its influence.
【學位授予單位】：南京師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F822.0;F832.4

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本文編號：1940651