Structural Monetary Policy,Bank Liquidity And Credit Behavior

After the reform and opening up,Chinese economy experienced rapid growth in thirty years and now has entered a rapid growth of the new normal,in order to adapt to the new changes in the economic development,the monetary policy framework has gradually accelerated the adjustment.Since 2013,our country launched a series of structural monetary policy tools,such as the Standing Lending Facility(SLF),Short-term Liquidity Operation(SLO),Pledged Supplemental Lending(PSL)and the Medium-term Lending Facility(MLF).These unconventional monetary policy tools which based on the regulatory mode of the traditional monetary policy,pay more attention to fine operation and directional control.The comprehensive use of the structural monetary policy tools has enriched the means of operation of monetary policy,making the central bank more robust and flexible.However,the implementation of China's monetary policy structure is still in the primary stage,whether these structural monetary policy tools can be effective,whether it will have a substantial impact on the development of the real economy,is worth further exploration.This paper studies the effect of structural monetary policy on the liquidity and credit behavior of commercial banks,and explores the effect of structural monetary policy.First,summarize the relevant literature and research,and summed up the structural monetary policy;sort of the implementation effect and experience of the foreign structural monetary policy,introduces Chinese structural monetary policy,an overview of the characteristics,classification and policy objectives,make a comparison of the structural monetary policy and the traditional monetary policy,the structural monetary policy in China and abroad,discusses their relations and differences.Secondly,analyzes the mechanism of the effect of structural monetary policy on bank liquidity and credit behavior.Thirdly,examine the effect of Chinese structural monetary policy through the empirical test.In this paper,we choose 16 listed banks in our country as the research object to explore the effects of the implementation of the structural monetary policy.We select three structuralmonetary policy tools to study their impact on bank liquidity and bank credit through empirical test,include the Standing Lending Facility,Short-term Liquidity Operations and the Medium-term Lending Facility.The first part test the effect of the structural monetary policy on bank liquidity;the second part examines the influence of monetary policy on bank credit behavior;the third part tries to introduce variable to study whether changes in the macroeconomic environment or monetary policy differences will affect the effectiveness of the structural constraint of monetary policy.Finally,analyse the empirical results and draw conclusions.The empirical results show that the implementation of Chinese structural monetary policy will reduce the liquidity of commercial banks,the increase in bank loans;at the same time put forward the corresponding policy suggestions to further improve the monetary policy operation mechanism,promote the macroeconomic regulation and economic development.