| 定向降准的传导机制与传导效果研究 |
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| 引用本文： | 张人中,马威. 定向降准的传导机制与传导效果研究[J]. 经济与管理研究, 2022, 43(1): 72-86. DOI: 10.13502/j.cnki.issn1000-7636.2022.01.005 |
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| 作者姓名： | 张人中 马威 |
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| 作者单位： | 湖南大学金融与统计学院,长沙,410082;湖南大学金融与统计学院 |
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| 基金项目： | 国家自然科学基金青年科学基金项目“参数和模型不确定情形下的中国货币政策规则：理论模型与计量经济检验”（71803041）；教育部人文社会科学研究青年基金项目“非线性和时变前瞻性货币政策规则：实时数据分析和模型选择检验”（17YJC790106） |
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| 摘 要： | 本文建立异质性的商业银行效用函数模型与网络结构模型，分析定向降准资金在不同类型商业银行和不同行业贷款中的传导机制，并使用因子增广向量自回归模型检验了十四轮定向降准货币政策的传导效果。结果显示：定向降准货币政策的资金传导存在着堵点。虽然释放的流动性可以增加商业银行的贷款规模和整体收益，但是在追求最大化与流动性约束的前提下，较多资金进入了收益更高的房地产业与金融业，农村金融机构并未成为农业贷款的主力军。政策建议是：严格审核商业银行申请定向降准资金的用途，防范逆向选择；严格审核定向降准资金的流向，防范道德风险；给予更多的政策支持，引导资金顺利进入农村金融机构和农业贷款领域，更好地发挥定向降准支持农业发展与促进内循环发展的作用。
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| 关 键 词： | 定向降准 农业贷款 传导机制 传导效果 疏通堵点 |
The Transmission Mechanism and Transmission Effect of Targeted Reduction in Reserve Requirement Ratio |
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| ZHANG Renzhong,MA Wei. The Transmission Mechanism and Transmission Effect of Targeted Reduction in Reserve Requirement Ratio[J]. Research on Economics and Management, 2022, 43(1): 72-86. DOI: 10.13502/j.cnki.issn1000-7636.2022.01.005 |
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| Authors: | ZHANG Renzhong MA Wei |
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| Abstract: | This paper establishes the heterogeneous utility function model and the network structure model of commercial banks, analyses the transmission mechanism of targeted reduction in reserve requirement ratio (RRR) funds in different types of commercial banks and loans in different industries, and tests the transmission effect of fourteen rounds of targeted RRR reduction policies using a factor-augmented vector autoregressive (FAVAR) model. The results show that there are blockages in the transmission of funds for targeted RRR reduction polices. Although the released liquidity could increase the loan scale and overall returns of commercial banks, under the premise of pursuing maximisation and liquidity constraints, more funds went into the real estate and financial sectors with higher returns, and rural financial institutions did not become the mainstay of agricultural loans. Therefore, the policy recommendations are: to strictly examine the use of the funds applied by commercial banks for targeted RRR reduction to prevent adverse selection; to strictly examine the flow of targeted RRR reduction funds to prevent moral hazard; to give more policy support to guide the funds to enter rural financial institutions and agricultural loans smoothly, so as to better play the role of targeted RRR reduction in supporting agricultural development and promoting internal circular development. |
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| Keywords: | targeted reduction in reserve requirement ratio agricultural loan transmission mechanism transmission effect dredging blockage |
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