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

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.

本研究旨在揭示货币政策如何通过银行行为影响资源配置。首先，我们根据银行资产负债表来分析银行对货币政策变化反应的差异。利用1975年至1999年日本银行的资产负债表数据，我们发现那些规模较小、流动资产较少、资本充足率较低的银行对拆借利率的变化反应较大。各大银行中，流动资产和BIS比率差异尤为显着。地区性银行中，会计资本率和不良贷款差异尤为显着。资本比率的差异对于制造业的贷款很重要，但对于房地产业的贷款则不那么重要。我们的结果证明了货币政策借贷渠道的存在，表明当银行资本充足率受到外生冲击时，货币政策的有效性会减弱。它们还揭示了货币政策资源配置效应的重要性。

项目成果

Hosono Kaoru and Watanabe Tsutomu: "Balance Sheets Effects of Monetary Policy"Economic Research. Vol.53, No.2. 2-19 (2002)

细野薰和渡边勉：“货币政策的资产负债表效应”经济研究。

Hosono Kaoru, Sugihara Shigeru and Mihira Tsuyoshi: "Effectiveness and Limitations of Monetary Policy : Evidence from the Japanese Economy during the 1990s"Tokyo Keizai Shimpo-sha. 1-229 (2001)

细野薰、杉原茂和三平刚：“货币政策的有效性和局限性：来自 20 世纪 90 年代日本经济的证据”东京经济新报社。

Hosono Kaoru: "Banks' Balance Sheets and the Responses to Monetary Policy"Nagoya City University discussion Papers in Economics. No.309.

细野薰：《银行资产负债表与货币政策的反应》名古屋市立大学经济学讨论论文。

細野薫, 渡辺努: "企業バランスシートと金融政策"経済研究. 52巻2号. 2-19 (2002)

Kaoru Hosono，Tsutomu Watanabe：“公司资产负债表和货币政策”《经济研究》第 52 卷，第 2.2-19 期（2002 年）。

細野薫: "銀行のバランスシートと金融政策への反応"Nagoya City University Discussion Papers in Economics. 309. 1-32 (2002)

Kaoru Hosono：“银行资产负债表和对货币政策的反应”名古屋市立大学经济学讨论论文 309. 1-32 (2002)。