动态准备金制度对商业银行信贷投放影响研究

通过构建扩展的Monti-Klein模型推导我国实行的动态准备金制度--差别准备金动态调整对商业银行合意贷款调节的相关关系,采用一阶差分GMM估计方法,实证研究动态准备金制度对信贷投放的影响。结果表明:差别准备金率动态调整机制的实施既未改变传统准备金政策对信贷投放的监管约束作用,又使得商业银行的信贷投放更加平稳有效,且在控制放贷冲动方面,对中小银行的影响较大。

Research on the Impact of Dynamic Reserve System on Commercial Banks' Credit Placement

By constructing an extended Monti-Klein model,this paper deduces the correlation between the dynamic adjustment of differential deposit and the desirable loan adjustment of commercial banks,that is to say the dynamic reserve system implemented in China.The first-order differential GMM estimation method is adopted to empirically study the impact of the dynamic reserve system on credit placement.The results show that the implementation of the dynamic adjustment mechanism of the differential reserve ratio has not changed the regulatory restraint effect of traditional reserve policies on bank loans,but made the credit supply of commercial banks more stable and effective,and has a greater impact on small and medium-sized banks in terms of lending urge control.