Research on the Resource Allocation Effects of Monetary Policy

货币政策资源配置效应研究

• 批准号: 12630107
• 负责人: HOSONO Kaoru
• 金额: $ 0.32万
• 依托单位: Nagoya City University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2000
• 资助国家: 日本
• 起止时间: 2000 至 2001
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-12630107/
• 关键词: Monetary Policy; Lending Channel; Balance Sheets; 金融システム不安; 流動性リスク; コミットメント; 不良債権処理; 金利コントロール; 量的緩和; インフレターゲット; Monetary Policy; Lending Channel; Balance Sheets; 金融システム不安; 流動性リスク; コミットメント; 不良債権処理; 金利コントロール; 量的緩和; インフレターゲット

This research aims at revealing how monetary policy affects resource allocations through banks' behavior. First, we analyze the differences of the banks' responses to the change in monetary policy according to their balance sheets. Using the Japanese banks' balance sheet data during 1975 through 1999, we found that those banks that were small, that had a small amount of liquid assets, and that had low capital ratio had responded to a greater extent the changes in call rates. Among the major banks, the differences of liquid assets and BIS ratios were particularly significant. Among the regional banks, the differences of accounting capital ratios and non-performing loans were particularly significant. The differences of capital ratios were important for the loans to manufacturing industries but not for the real estate industries. Our results prove the existence of lending channel of monetary policy, suggesting that the effectiveness of monetary policy is attenuated when the banks capital ratio is hit by an exogenous shock. They also reveal the importance of the resource allocation effects of monetary policy.

这项研究旨在揭示货币政策如何通过银行的行为影响资源分配。首先，我们根据其资产负债表分析了银行对货币政策变化的反应的差异。使用日本银行在1975年至1999年期间的资产负债表数据，我们发现那些很小的银行具有少量的流动资产，并且资本比率较低的银行在更大程度上响应了呼叫率的变化。在主要银行中，流动资产和BIS比率的差异尤为明显。在区域银行中，会计资本比率和不表现贷款的差异尤为重要。资本比率的差异对于制造行业的贷款而言至关重要，但对房地产行业来说并不重要。我们的结果证明了货币政策的贷款渠道的存在，这表明当银行资本比率受到外源性冲击的袭击时，货币政策的有效性会减弱。他们还揭示了货币政策的资源分配效应的重要性。