| Commercial banks are the core of China’s financial system and an important hub of monetary policy,and liquidity creation is one of the important functions of commercial banks.Studying the liquidity creation of commercial banks can reflect the impact of quantitative monetary policy tools on the real economy,and can also measure the stability of the country’s financial system.By studying the impact of quantitative monetary policy tools on the overall and heterogeneous creation of commercial banks’ liquidity,it can provide monetary authorities with appropriate quantitative monetary policy tools to adjust different types of banks,which has a positive effect on the formulation of monetary policy and the prevention and control of risks.This thesis selects the data of 125 commercial banks from 2010 to 2020,compares the methods of constructing liquidity creation,and constructs the liquidity creation index of commercial banks based on Berger & Bouwman’s liquidity creation construction method,with reference to domestic scholars and data availability.In the process of studying the impact of quantitative monetary policy tools on the liquidity creation of commercial banks,it is divided into overall research and heterogeneity research,in which heterogeneity research classifies banks in the following three ways: by bank attributes,by whether they are systemically important banks and by bank geography.Firstly,the liquidity creation level of the whole and different types of commercial banks is compared and analyzed,and the impact of quantitative monetary policy tools on the liquidity creation of commercial banks is analyzed by systematic generalized moment estimation method,and the results show that loose quantitative monetary policy tools are conducive to improving the overall liquidity creation level of commercial banks,and among quantitative monetary policy tools,the role of traditional monetary policy tools on the liquidity creation of commercial banks is different from that of innovative monetary policy tools.Secondly,the heterogeneity of quantitative monetary policy tools on the liquidity creation of commercial banks is further analyzed.The results show that,first,according to the classification of bank attributes,loose quantitative monetary policy tools are conducive to improving the liquidity creation level of large state-owned commercial banks and joint-stock commercial banks.Second,according to the classification of banks as systemically important banks,loose quantitative monetary policy tools are conducive to improving the liquidity creation level of systemically important banks.Third,according to the geographical classification of banks,loose quantitative monetary policy tools are conducive to improving the liquidity creation of commercial banks in the eastern region.Based on the above research results,this thesis puts forward policy recommendations in this regard: First,the central bank should use quantitative monetary policy tools to maintain reasonable and sufficient liquidity.Second,the central bank should establish a coordinated regulation mechanism between traditional and innovative monetary policy tools.Third,central banks should implement differentiated quantitative monetary policy instruments according to the type of bank. |
