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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
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