Research On The Bank Risk-taking Channel Of Chinese Monetary Policy Transmission

The global financial crisis originating in the United States has changed the way people think about loose monetary policy, mainly because the crisis is occurring after a long period of low interest rates and loose liquidity, real interest rates remain low for a long time, the birth asset price bubbles and securitized credit products, and lead financial institutions to assume more risk. Can be said that the Fed’s monetary policy affects the risk appetite of financial institutions, thereby increasing the commercial bank exposures (risk-taking) wishes to promote the accumulation of the entire financial system risks. In this context, the adjustment and monetary policy stance of monetary policy will generate a certain extent, commercial banks have a limited impact on the rational, the bank will stand according to the current and future period to adjust its monetary policy risk willingness, thus have an impact on bank lending decisions, which proposed a "bank risk-taking channel" of monetary policy.In this paper, bank risk-taking channel of monetary policy transmission as a starting point for the theory to guide practice, in accordance with the "theory of architecture-situation analysis-empirical analysis-policy framework" research paradigm.On a theoretical level. On the one hand, from the constituent elements of the monetary policy transmission channels (operating goals, intermediate targets, the ultimate goal) and the conduction process of view, the concept of bank exposures channels were defined and discussed it with the traditional channels of monetary policy, the similarities and differences; another, with regard to the special nature of bank risk-taking transmission channels, discusses the mechanism of action related to its conduction. On a practical level. After the one hand, foreign bank exposures by examining the circumstances surrounding the channel, discussed the background of the crisis, the crisis and the crisis of development aid policy, analysis of the formation and development of these crises, the central bank’s monetary policy acts as a kind of role, bank risk-taking channel in which plays what role; on the other hand, through the different stages of the domestic monetary policy transmission channels, the bank exposures to evaluate the situation, discuss the overall risk of the banking system and bear the situation and China’s monetary policy, economic and environmental development the relationship between the financial system. On the empirical level. On the one hand, through the channel of bank exposures existence of inspection, found that China’s monetary policy and commitment to the relationship between bank risk; the other hand, the impact on bank risk-taking effect of the monetary policy transmission evaluate, discuss our Bank exposures whether and from what an impact on the effect of monetary policy transmission.The results show that:(1) Bank risk-taking channel of China’s monetary policy exists, monetary policy on bank risk-taking has a significant negative bear to influence the bank’s risk has a significant positive impact on their credit. Currently, the banking system in China’s monetary policy transmission in a very important position, monetary policy will not only affect the real economy through bank credit transmission channel, but also bear the channel affects the behavior of decision-making to the bank by bank risk, and thus have an impact on the real economy, bank risk-taking channel of monetary policy transmission is one of the areas in the future will need to focus on the central bank. (2) the risk of the bank’s commitment to monetary policy transmission effect will produce a certain intention, which is mainly reflected in several mediating variables its operation of monetary policy (money supply, interest rates, credit) have a significant impact.At present, China’s central bank monetary policy has done a lot of work to optimize and further improve the effectiveness of monetary policy transmission, play better macro-prudential management functions. It is necessary to optimize the monetary policy framework from the following aspects, including:optimize policy system, innovate monetary policy tools and strengthen the construction of the monetary policy transmission channels.