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《Studies of International Finance》 2019-05
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Monetary Policy, Financial Leverage and Medium & Long-Term Credit Resources——Based on the Perspective of Chinese Commercial Banks

Sheng Tianxiang;Zhang Yong;  
This paper systematically summarizes the definition and measurement of financial leverage from different perspectives, and studies the financial leverage from the perspective of commercial banks. On this basis,the paper puts forward the theoretical mechanism of the direct and indirect effects of monetary policy on the allocation of medium and long-term credit resources, focuses on the analysis of the mechanism of financial leverage in the indirect effects, and conducts an empirical test on 25 commercial banks. The research findings are as followed. First, direct effects of monetary policy.When monetary policy is tight(loose), banks will reduce(increase) the allocation of medium and long-term credit resources. Second,indirect effects of monetary policy through influencing financial leverage. There is a u-shaped relationship between monetary policy slack and financial leverage, and the improvement of financial leverage will lead to the reduction of medium and longterm credit resource allocation. This shows that due to the change of financial leverage under different monetary policy positions, the impact of monetary policy on the allocation of medium and long-term credit resources will show asymmetry, thus weakening the effectiveness of monetary policy transmission. The conclusion of this paper has enlightenment value for perfecting the Dual-Pillar regulatory framework of monetary policy and macro-prudential policy, dredging the transmission mechanism of monetary policy.
【Fund】: 国家自然科学基金青年项目(71803081);国家自然科学基金面上项目(71473090);; 教育部人文社会科学研究青年基金项目(18YJC790134);; 江苏高校哲学社会科学研究基金项目(2017SJB0038)资助
【CateGory Index】: F822.0;F832.4
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