货币政策操作需要考虑银行资本监管吗

持续宽松的货币政策与巴塞尔协议下银行资本监管的共同作用,可能是本次美国次贷危机产生和经济持续波动的主因之一。巴塞尔协议下的银行资本监管,较大地改变了信贷资金的流向和经济运行规律,从而必然影响到货币政策发挥作用的基础条件与传导途径。本文结合经济周期对银行资本约束下的IS-LM模型进行了扩展分析,发现银行资本约束会通过影响银行信贷渠道使货币政策产生非对称性效果,从理论上论证了货币政策的操作必须考虑银行资本监管。本文还运用随机前沿分析(SFA)方法检验了2000～2009年我国货币政策与银行资本监管联合效率,表明在引入银行资本监管后货币政策实现经济目标的联合效率下降。因此,为了达到稳定物价与产出的总体目标,在货币政策反应函数中必须考虑银行资本及其监管状况。

Should Monetary Policy Operation Consider the Bank Capital Regulation

The combined effect of continuing easy monetary policy and bank capital regulation under Basel Accord may play an important role in triggering this global economic turbulence.Bank capital regulation under Basel Accord has changed social funds allocation and the patterns of economy,thus the environment in which monetary policies play a role and the monetary transmission mechanism dramatically.This paper shed some lights on the impacts of bank capital regulation on monetary policy from the transmission channel and effect aspects. First of all,this paper sorts out relative researches about the impacts of bank capital regulation on monetary policy. Secondly,we analyze the impact of capital regulation on the monetary policy under the framework of ISLM. Finally,we employ Stochastic Frontiers Analysis to test the quarterly union effectiveness of monetary policy and bank capital regulation in China from 2000～2009.This test shows that monetary policy effectiveness on realizing economic objective would be weakened by bank capital regulation in China.Therefore,it is reasonable for monetary and regulatory authorities to cooperate on macro-prudential regulation aspect more comprehensively.