Empirical Study On Bank Credit Transmission Channel Of Monetary Policy

The world economic situation is changing rapidly,China's economy is increasingly integrated into the world economy,since the global financial crisis in 2008,China's economic growth has also been a greater impact,the economy has also been gradually stabilized by the high-speed growth,economy into the "new normal" and will become the new trend of China's future economic growth for some time,and the progress of the process of interest rate marketization also affects China's economic development.Banks play an irreplaceable role in China's economic,the amount of capital the bank has is huge,China's real economy once affected by the financial crisis,the banking sector is bound to be seriously affected.At present,it is of practical significance to discuss the influence of monetary policy on commercial bank credit.Based on the theoretical analysis of the transmission channel of monetary policy,this paper studies the change of macro monetary policy in China and the credit level of micro banking in China.An empirical study on the panel regression model of 30 banks over the past 10 years was carried out.This paper not only examines the impact of monetary policy on credit,but also introduces the cross terms of the proxy variables of monetary policy and the heterogeneity characteristics of banks to investigate the effect of different types of banks on the bank credit transmission of monetary policy.The results show that,when implementing monetary policy,the change of money supply and Shibor can better influence the bank credit to achieve the desired results,the reserve requirement ratio takes the second place,and the change of loan benchmark interest rate has the worst effect on credit scale.Smaller and less liquid banks are more sensitive to the credit transmission of monetary policy,the effect of capital adequacy ratio and profitability on monetary policy transmission is weak.At last,according to the empirical results,this paper puts forward some policy suggestions on the adjustment of monetary policy,the construction of interest rate market,the development of money market and banking industry.