准备金要求和银行贷款渠道外文文献.pdf

BOFIT Discussion Papers 26 鈥?015 Zuzana Fung谩膷ov谩, Riikka Nuutilainen and Laurent Weill Reserve requirements and the bank lending channel in China Bank of Finland, BOFIT Institute for Economies in Transition Zuzana Fung谩膷ov谩, Riikka Nuutilainen and Reserve requirements and Laurent Weill the bank lending channel in China Zuzana Fung谩膷ov谩, Riikka Nuutilainen and Laurent Weill Reserve requirements and the bank lending channel in China Abstract This paper examines how reserve requirements influence the transmission of monetary pol- icy through the bank lending channel in China while also taking into account the role of bank ownership. The implementation of Chinese monetary policy is characterized by the reliance on the reserve requirements as a regular policy tool with frequent adjustments. Using a large dataset of 170 Chinese banks for the period 2004鈥?013, we analyze the reaction of loan supply to changes in reserve requirements. We find no evidence of the bank lending channel through the use of reserve requirements. We observe, nonetheless, that changes in reserve requirements influence loan growth of banks. The same findings hold true for other monetary policy instruments. Further, we show that the bank ownership format influences transmis- sion of monetary policy. JEL Codes: E52, G21, P54. Keywords: Chinese banks, bank lending channel, bank ownership. Zuzana Fung谩膷ov谩, Bank of Finland Institute for Economies in Transition (BOFIT), Snellmaninaukio, PO Box 160, FI鈥?0101 Helsinki, Finland. Email: zuzana.fungacova@bof.fi Riikka Nuutilainen, Bank of Finland Institute for Economies in Transition (BOFIT), Snellmaninaukio, PO Box 160, FI鈥?0101 Helsinki, Finland. Email: riikka.nuutilainen@bof.fi Laurent Weill, EM Strasbourg Business School, University of Strasbourg and B