Does Financial Marketization Reform Weaken the Effect of Bank Credit Channel
构建新方法分离中国信贷供给冲击，发现银行信贷渠道在改革后仍显著存在，但信贷与产出的关系呈倒U型，归因于市场化改革不完善，尤其是近期改革未促进金融创新。
Considering the difficulty of indentifying the credit shock in the bank credit channel process,based on the Driscoll(2004)'s idea,in this paper,we construct a new method to separate the credit supply shock in China.Then we give a proposition about the relationship between bank credit and output of China,and empirically analyze the proposition,including the total amount and the period of time.The results show that from the reform,the credit channel is significant existing in general.However,for the financial market reform process in different period,the empirical results indicate that the relationship between credit and output is inverted U shape.We think it should owe to the incomplete marketization reform of China,especially in the recent reform period,which the financial marketization reform did not lead to financial innovation.For the policy,the significance of this paper mainly lies in two points:one is the interest rate marketization reform is a part of the whole economic marketization reform,so separate interest rate marketization is not feasible.The second is that a successful financial reform must have induced financial innovation function,otherwise,the real economy will heavily reliance on the bank credit,if financial reform cannot effectively promote financial innovation.