【摘要】 本文使用2015—2023年中国商业银行数据,对创新型货币政策的异质性调控效果及其溢出效应进行实证分析。研究发现,中期借贷便利和结构性货币政策工具这两种创新型货币政策的影响存在异质性。中期借贷便利工具和预期政策效果相反,减少了银行特别是系统重要性银行的流动性创造。结构性货币政策工具则显著提升了银行特别是中小银行的流动性创造水平。从具体作用机制看,负债端成本机制是两类创新型货币政策的共同传导机制。但不同的是,资产端净息差机制仅适用于结构性货币政策。进一步分析发现,由于同业市场的存在,银行间利用中期借贷便利工具与结构性货币政策工具套利造成了系统重要性银行流动性创造下降。这种政策工具间的溢出效应是中期借贷便利工具产生与预期相反的政策效果的重要原因,同时,政策溢出效应也通过净息差渠道压缩了结构性货币政策工具的政策空间。本文深入分析了两种不同类型创新型货币政策工具的异质性调控效果及其相互之间的溢出效应,为加强不同货币政策工具的协调配合及金融监管提供了经验证据。更多还原

【Abstract】 Using panel data from Chinese commercial banks(2015—2023),we empirically analyze the heterogeneous effects of innovative monetary policies and their cross-instrument spillovers.We find divergent impacts between the Medium-term Lending Facility(MLF) and structural monetary policy instruments.Contrary to policy objectives,MLF significantly reduces liquidity creation,particularly for systemically important banks(SIBs).Conversely,structural instruments enhance liquidity creation,especially among small and medium-sized banks.The funding cost channel on the liability side transmits both policies;however,the net interest margin(NIM) channel on the asset side operates only for structural instruments.Further analysis reveals that SIBs exploit interbank markets to arbitrage between MLF and structural instruments,thereby depressing their liquidity creation.This spillover effect explains MLF’ s unintended consequences and constrains structural instruments’ effectiveness through NIM compression.This paper provides an in-depth analysis of the heterogeneous effects and mutual spillovers of two distinct innovative monetary policy tools,offering empirical evidence for enhancing the coordination of different monetary policy instruments and informing financial regulation.更多还原