Monetary Policy,Bank Capital and Risk-Taking
修改了D-L-M模型，引入准备金要求，研究货币政策如何影响银行风险承担，发现其效果取决于银行资本化程度。基于中国14家上市银行季度数据，使用门槛面板回归模型，实证表明紧缩货币政策抑制风险承担，且影响因银行资本状况而异。
Given reserve requirements on deposit is an important instrument of monetary policy in China,this paper modifies the D-L-M model by introducing reserve requirements.We analyze how monetary policy influences bank risk-taking,and find that the effect of monetary policy on bank risk-taking depends on the degree of capitalization.With the quarterly data of 14 listed banks in China as a sample,this paper uses Threshold Panel Regression Model to analyze the effect of monetary policy on bank risk-taking.The empirical results show that tight monetary polices discourage bank risk-taking,and the impact of monetary policy on bank risk-taking depends on the bank capital condition.