The Influence Of Bank Competition Based On Channel Identification On Bank Risk-taking Channels In Monetary Policy

The 2008 financial crisis made scholars realize the importance of financial stability,rethink the role of commercial banks in the transmission channel of monetary policy,and proposed a new transmission channel of monetary policy: bank risk-taking channel.This channel believes that in the process of monetary policy transmission,banks are not just riskneutral transmission to the intermediary,monetary policy will affect the adjustment of banks’ willingness to take risks.However,banks’ risk-taking channels are closely related to other monetary policy transmission channels.When this channel is examined separately,if interference from other channels is not ruled out in advance,the reliability of the research will be weakened.At the same time,with a series of reforms of the banking market system in recent years,the rapid expansion of rural commercial banks and city commercial banks,a new pattern of fierce competition in the banking industry is taking shape.Bank competition will affect the business ecological environment of the banking industry,and its role in the bank’s risk-taking channels of monetary policy will become increasingly unignorable.Therefore,on the basis of excluding interference from other monetary policy transmission channels and identifying banks’ risk-taking channels,research the influence of bank competition on monetary policy bank risk-taking channels,supplement the theory of monetary policy transmission mechanism and macro-prudential supervision The proposal of relevant policy recommendations under the framework is of great significance.Based on this,this article first sorts out the existing research results and clarifies the research content of the article;secondly,it analyzes the premise of the existence of the monetary policy bank risk-taking channel through the principal-agent theory: banks are not risk-neutral,and combined with the traditional monetary policy transmission The analysis of channels and bank risk-taking channels explains the necessity and feasibility of channel identification;then a benchmark model and a two-stage regression model for channel identification are established,and competition with banks based on channel identification has an impact on monetary policy bank risk-taking The model uses panel data of 23 listed banks in my country from 2007 to 2020 as a sample,and uses one-step and two-step system GMM estimation for empirical testing and result analysis.Through the above theoretical analysis and empirical tests,the final research results show that:(1)After considering the channel identification,my country has monetary policy bank risk-taking channels.The greater the difference between the actual interest rate and the policy benchmark interest rate,the higher the bank’s risk-taking level.(2)The empirical results of the first-stage model of channel identification are different from the previous research results that used the actual interest rate as the proxy variable of the interest rate chasing mechanism,that is,the actual interest rate represents the power of the bank’s loan channel rather than the bank’s risk-taking channel.(3)If the channel is not identified,it will underestimate the impact of the interest rate chasing mechanism on the bank’s risk exposure.(4)Increased banking competition will magnify the impact of monetary policy on bank risktaking.In response to the above conclusions,this article believes that the monetary authorities need to take bank risk-taking into consideration when formulating policies,and coordinate and coordinate with the pace of market-oriented system reforms in the banking industry to prevent banks from taking excessive risks and maintain the country’s financial stability.