Monetary Policy,Regulatory Constraints And Bank-Risking

The financial crisis in 2008 attracted global attention.After deep reflection on the financial crisis,scholars from various countries put forward the risk-taking channels of monetary policy and believed that bank risk was not neutral.At the same time,countries also began to pay attention to bank liquidity and strengthen supervision.In this case,China has actively complied with the trend of international supervision,issued relevant policies and continuously improved the supervision,and entered the dual supervision period of capital and liquidity.In the period when China’s future monetary policy continues to ensure reasonable and sufficient liquidity and financial supervision continues to strengthen,it is of certain practical and theoretical significance to study monetary policy,commercial bank risk-taking and capital and liquidity supervision under the same framework.Taking the relevant data of 20 listed commercial banks in China from 2012 to 2020 as the research sample,this paper makes an empirical analysis by using the systematic generalized moment estimation method to verify the existence of monetary policy risk-taking channels and whether regulatory constraints will act on the risk-taking channels of monetary policy banks.The empirical conclusion shows that there are monetary policy risk-taking channels in China,loose monetary policy will stimulate the risk-taking of commercial banks;When monetary policy affects the risk-taking of commercial banks,it will be affected by regulatory constraints and the micro characteristics of banks.Different ways of monetary policy regulation will also have different effects;Regulatory constraints play a regulatory role in the risk-taking channels of monetary policy banks.Loose monetary policy will inhibit the excessive risk-taking of commercial banks,and regulatory constraints also have different regulatory roles for different types of commercial banks.Finally,in view of the above conclusions,this paper puts forward relevant policy suggestions on the formulation of monetary policy,regulatory constraints and commercial banks’ own risk management.