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There Exist the Risk-bearing Channels of Monetary Policies in China?——An Empirical Research Based on the GMM Method
Pages: 21-25
Year: Issue:  1
Journal: Xi'an Finance

Keyword:  monetary policyrisk-bearing channeldynamic modeldifferential GMM;
Abstract: The paper collects micro data and related macro data of 45 China’s commercial banks from 2013 to 2014, and makes an empirical test on the existence of risk-bearing channels of China’s monetary policies using the differential GMM regression method. The research results show that there do exist risk-bearing channels of China’s monetary policies, and loose monetary policies will stimulate banks to take more risks, the effects of monetary policy tools centered around prices on banks’ risk-bearing are greater than that of quantitative monetary policy tools, banks’ size, profitability and capital adequacy is inversely proportional to banks’ risk-bearing, and per capita GDP growth rate and banking competition is proportional to banks’ risk-bearing.
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