Bank Risk Bearing Research Based On The Macro-prudential And Monetary Policy Double-pillar Regulation Framework

The global financial crisis has brought challenges to financial supervision.It also shows some shortcomings of traditional supervision methods,speeding up the process of experimentation and innovation,and strengthening macro-prudential orientation to become a broad consensus on financial regulatory reform.The traditional financial supervision model is a micro-prudential model that focuses on the prevention and control of individual financial institution risks,while macro-prudential supervision focuses on the entire financial system and focuses on preventing systemic risks.In the face of the increasingly complex and ever-changing economic and financial situation,how should the regulatory authorities shift from compliance management to risk management and control,combining macro-prudential supervision with micro-prudential supervision to maintain the macro-prudential policy of financial stability and how to coordinate with monetary policy? How should financial institutions such as banks respond to strong supervision?The formulation of monetary policy and the transmission of effects will have an impact on the risk decision of commercial banks with limited rationality,so that they can adjust their own risk-taking preferences according to the current and future policy attitudes.At the same time,financial institutions such as banks will also have a reaction to monetary policy,and the actual effects of monetary policy will be constrained by the influence of the market.As the correlation between financial institutions and financial markets continues to strengthen,the dispersion,transmission and accumulation of financial risks in the financial system become more complex.Then,for financial institutions,especially commercial banks,how to determine risk preferences,what kind of risk strategy should be formulated to balance income and security,and how to improve the overall risk management level?From the perspective of the micro-subject of banking financial institutions,this paper takes bank risk-taking as the research object,aims to explore the coordination role of monetary policy and macro-prudential policy,and analyzes the impact of the dual-pillar regulatory framework on the willingness and level of bank risk-taking,and Advising on the risk management of banking financial institutions.Specifically,firstly,starting from the theoretical review and practical research of bank risk-taking,the papers on the risk-taking of banks are sorted out.Secondly,the internal mechanism of monetary policy and the external transmission mechanism are explained.The theoretical effects and empirical impacts of risk taking are analyzed.Thirdly,based on the development context and tool structure of macro-prudential supervision,the theoretical effect and empirical impact of China's macro-prudential policies on bank risk-taking are analyzed.Finally,based on macro-prudential policy Under the framework of the dual-pillar regulation of monetary policy,the theoretical basis of the two sides in policy advocacy,institutional arrangements,and coordination assessment,analyze the impact of the two-pillar regulation framework on bank risk exposure.The analysis shows that monetary policy and macro-prudential policy not only have a significant impact on bank risk taking as a single policy tool,but when the two play a role at the same time,the coordination effect between policies is particularly important.In addition,the impact of macroeconomic environment,industry market structure and individual bank characteristics,such as capital adequacy,bank asset size,liquidity level,asset return level,input and output efficiency,etc.,will affect the bank's risk-taking level.When diversified policy instruments come into play,commercial banks with different characteristics will adopt different risk appetites and risk strategies.This paper comprehensively uses comparative research methods,qualitative and quantitative analysis methods,normative analysis and case analysis.The article co-ordinates the demands of regulators and supervises.On the one hand,it analyzes the path of China's monetary policy transmission and its impact on bank risk taking from the perspective of regulators,and examines China's macro-prudential policy framework,evaluation system and common use.The tool analyzes the impact of single policy and the synergy policy under the two pillars.On the other hand,from the perspective of the regulator,it analyzes the influencing factors and effects of bank risk exposure,and how to develop capital instrument innovation for commercial banks.Plan for the implementation of an internal capital adequacy assessment process to enhance overall risk management capabilities.The innovation of this paper is to emphasize the use of monetary policy and macro-prudential policy,and to achieve the dual goals of financial stability and economic development with a dual-pillar regulatory framework.The representative macro-prudential policy index(MPI)was selected,and the macro-prudential function of the statutory deposit reserve ratio(RR)was examined.At the same time,the influencing factors of bank risk-taking were divided into three levels:macroeconomic status,industry market structure and bank characteristic variables..On this basis,we will pay attention to the changes in bank risk-taking ability and level,and consider the response of risk measurement,management and pricing to the effects of monetary policy and macro-prudential policy from the perspective of micro-subjects.The full text is divided into eight parts:The first part is the introduction,expounding the background of the topic,discussing the theoretical value and practical significance of the topic,constructing the basic framework of the research,and summarizing the main innovations and deficiencies of the article.The second part is a review of the literature on bank risk exposure.On the basis of relevant research on bank risk-taking,the relevant theoretical research is sorted out,and the empirical research is classified into a macro perspective,a micro perspective,a combination of macro and micro,and a credit perspective,which clarifies the macroeconomic environment and industry that affect bank risk exposure.The market structure and individual characteristics of the bank are three factors,and the research progress at home and abroad is reviewed.The third part is the theoretical study of the impact of monetary policy on bank risk.The impact of monetary policy on bank risk exposure is divided into two categories:positive impact and negative impact.The transmission mechanism of monetary policy is analyzed,emphasizing the difference between bank risk-taking channels and traditional monetary transmission channels and credit transmission channels.Then,combined with the phased adjustment of monetary policy,a brief analysis of China's current monetary policy control environment is conducted.The fourth part verifies the impact of monetary policy on bank risk exposure based on the above theoretical basis.The financial information and macroeconomic data of 22 commercial banks listed from 2004 to 2018 were selected to construct static and dynamic panel models for empirical analysis.The results show that there is a significant negative correlation between China's monetary policy and bank risk taking,and will be affected by the level of economic development,industry market structure,and micro-characteristics of banks such as capital adequacy ratio,bank size,liquidity ratio,asset income level,and investment.Factors such as output efficiency.The fifth part studies the theoretical basis of the impact of macro-prudential supervision on bank risk exposure.It reviews the development of prudential supervision concept,emphasizes the connection and difference between macro-prudential and micro-prudential supervision,and introduces the current macro-prudential supervision framework from three aspects: financial supervision system,macro-prudential evaluation system and macro-prudential supervision tools,and proposes macro-prudential At the same time as the macro and micro effects of the policy are realized,it will have an inevitable impact on the risk exposure of financial institutions such as banks.The sixth part verifies the impact of macro-prudential policies on bank risk exposure based on the above theoretical basis.When determining the proxy variables of the macro-prudential policy,the representative macro-prudential policy index is selected and the macro-prudential function of the statutory deposit reserve is examined.The results show that there is a significant negative correlation between statutory deposit reserve and bank risk exposure.That is,when the statutory deposit reserve ratio falls,the liquidity in the market is sufficient,and banks will increase credit supply and increase risk appetite;With the implementation of prudent policies,banks' asset management is more cautious and risk exposure is relatively sufficient.TThe seventh part combs the theoretical research on the impact of the dual-pillar regulatory framework on bank risk-taking.First,the background of the two-pillar regulatory framework is explained;secondly,the policy collocation of monetary policy and macroprudential supervision is sorted out from the policy propositions and institutional arrangements;finally,the policy effectiveness of the two-pillar regulatory framework is evaluated,and the coordination Comment on both aspects and effectiveness.The eighth part verifies the impact of the dual-pillar regulatory framework on bank risk-taking through empirical analysis.On the one hand,monetary policy,macro-prudential policy,and cross-terms representing the superimposed effects of policies are introduced into the bank ' s risk-taking model.The results show that China's monetary policy and macro-prudential policy have an offsetting effect.The two-pillar policy collocation helps In order to reduce the level of individual banks' risk-taking;on the other hand,the introduction of economic upward and downward periods as relative indicators,analysis of the effectiveness of the dual-pillar framework for counter-cyclical adjustment of economic development,the results show that both have counter-cyclical adjustment capabilities,But the adjustment intensity and direction are not completely synchronized.The ninth part is a summary of the full text.Adhering to the two-pillar regulatory framework and promoting the coordination of policies will not only help reduce individual bank risks,but also help prevent systemic risks and maintain overall financial stability.Based on the above theories and empirical analysis,suggestions are made from the aspects of regulatory requirements and bank management.Including the improvement of the prudential regulatory framework,the rational allocation of regulatory resources,the smoothing of monetary policy transmission,the overall planning of the two-pillar regulatory framework,and the identification,measurement,response and disposal of risks by banks,the strengthening of refined capital management,and the replenishment of capital through multiple channels.Comprehensively improve risk management capabilities to implement effective supervision and maintain stable economic and financial development.