Does the Bank Risk-taking Channel of Chinese Monetary Policy Exist?
利用2002-2012年14家商业银行面板数据，实证发现扩张性货币政策显著增加银行风险承担，进而推高信贷，表明货币政策存在银行风险承担渠道，央行需关注金融稳定。
The present study conducts an empirical analysis using panel data of 14 commercial banks in China during 2002- 2012,to examine whether the bank risk- taking channel of Chinese monetary policy exists.The results show that expansionary monetary policy will lead to a significant increase in our bank's risk- taking,and the rise of bank's risk- taking also lead to a significantly increased in bank's credit.In view of the significance of bank risk- taking measurement,the estimating equation is re- examined using NPL ratio of commercial banks as a dependent variable.The result shows that the model has great robustness.This shows that the bank risk- taking channel of Chinese monetary policy exists,which means that from the perspective of financial stability,the central bank's monetary policy is not risk neutral.When the central bank making monetary policy,it should give more attention to the risk- taking of bank and other financial institutions based on macro- prudential supervisor identity.