产权结构与货币政策有效性实证分析.pdfVIP

产权结构与货币政策有效性实证分析 高蓓 胡春田 （西安交通大学金禾经济研究中心） 联系作者：高蓓 通讯地址：陕西省西安市咸宁西路28号西安交通大学金禾经济研究中心 联系电话 电子邮箱：gaobeibaby@163.com 产权结构与货币政策有效性实证分析 摘 要：信用渠道在我国货币政策传导中居主导地位，但其传导障碍在很大程度上制约了我国扩张性 货币政策的有效性。目前主要体现为中央银行难以控制或影响商业银行的信贷行为。本文利用向量自回归 模型和脉冲响应函数证实货币政策传导机制的不畅与四家国有商业银行的垄断格局及其无利润约束行为有 关。国有商业银行与其他商业银行发展的不对称导致信贷配给和局部信贷萎缩的存在，在很大程度上抵消 了扩张性货币政策的效用。因此，增加有效信用供给，发展非国有金融部门和非国有中小银行是提高我国 货币政策有效性的关键。 关键词：产权结构；货币政策；传导机制 Empirical ResearchontheStructureof Empirical ResearchontheStructureof EEmmppiirriiccaallRReesseeaarrcchhoonntthheeSSttrruuccttuurreeooff PropertyRightandValidityofMonetaryPolicy PropertyRightandValidityofMonetaryPolicy PPrrooppeerrttyyRRiigghhttaannddVVaalliiddiittyyooffMMoonneettaarryyPPoolliiccyy GaoBei HuChuntian (JinHeCenterforEconomicResearch,Xi’anJiaoTongUniversity) Abstract: Abstract: AAbbssttrraacctt::The credit channelis themain transmission channelof monetary policy in China, but thedrawback ofcreditchannelrestrictsthevalidityofexpandmonetarypolicytogreatextent,anditembodiesthatitisdifficulty for the central bank to control and influence the credit behaviors of commercial banks. This paper approves that invalidity of transmission mechanism of monetary policy relates with market monopoly of stated-owned commercial banks and unrestricted behavior for profit by the VAR model and impulse-response function. The asymmetry of size between stated-owned commercial banks and other commercial banks leads to credit ration and partcreditshrinkingthatcounteracttheeffectofexpandmonetary policy.So toaugment effectivethecreditsupply andtoexpandnon-stated-ownedfinancialsectorandnon-state-ownedmediumandsmall commercialbanksarethe key pointstoenhancethevalidityofmonetarypolicy. Keywords: Keywords: KKeeyywwoorrddss::StructureofPropertyRight,Monetary