双重信贷配给与货币政策信贷传导机制优化.doc

制度因素、双重信贷配给与货币政策信贷传导机制优化
孙小丽[1] 孙小丽:(1974-),女,辽宁大连人。沈阳航空工业学院经济系,讲师;博士。主要研究方向:计量经济学、金融学、西方经济学。
(沈阳航空工业学院经济系,中国沈阳,110034)
摘要:传统的银行信贷传导机制大多以商业银行作为真正意义的金融企业,从而能自由调整其资产构成作为分析起点,并在运用信贷配给理论描述该机制时沿袭了这一分析框架。在我国,由于特殊的制度因素,形成了国有商业银行事实上的双重信贷配给,从而基于信贷配给的传统信贷传导机制模型在解释中国货币政策的信贷传导时失去了解释力。基于此,文章试图通过引入相关制度因素对模型进行修正,以期从修正中得出中国货币政策信贷传导机制优化的理论范式,并总结出相应的政策含义。
关键词:双重预算软约束、双重信贷配给、信贷传导机制模型、优化、理论范式
Institution Factors and Double Credit Rationing and Optimization of
the ary Policy Credit Transmission Mechanism
SUN Xiao-li
(Department of Economics, Shenyang Institute of Aeronautical industrial,, 110034)
Abstract: The traditional credit transmission mechanisms of bank lending mostly mercial bank as financial enterprises of the real meaning so they can adjust posing freely as the analysis starting point, and follow this analysis frame while using the credit rationing theory to describe the mechanism. In our country, because of the special institution factors, it has formed the double credit rationing in fact. Thus the traditional credit transmission mechanism model based on the credit rationing has lost strength of explaining to the credit transmission of Chinese ary policy. Because of this, the article attempts to revise the model through introducing the relevant systems factors, expect to draw the optimization theory form of credit conduction mechanism of Chinese ary policy and summarize the corresponding policy meaning.
Key words: Soft restraint of double budget Double credit rationing Credit transmission mechanism model Optimization Theory form
一、信贷配给理论及其与货币政策传导机制的关系
信贷配给的理论文献最早可以追溯到亚当•斯密的《国富论》和凯恩斯的《货币论》,现代经济学家们更愿意从微观角度用道德风险和逆向选择去解释它。Jaffee & Stigliz(1990)认为,当一群经济主体看起来一样,有的得到了贷款而有的没有得到时,“纯粹的信贷配给”发生;Stigliz & Weiss(1981)的定义是,当存在下述情况下,信贷配给就存在,
“(1)在一些看起来差不多的贷款申请人中,有人申请到了贷款,而有的没有,尽管遭到拒绝的申请人愿意出更高的利率;(2)存在着可以确认的经济人群体,在既定的贷款供给量下,无论什么样的利率水平都无法得到贷款,尽管在更多的贷款供给量下,他们可以得到”[1][2]卡尔·E·瓦什,《货币理论与政策》,中国人民大学出版社,2001年第一版,218~220页。
。这一定义实际上指出了信贷配给的本质,即它是一种信贷资源的非瓦尔拉斯均衡分配现象,具体是指在对银行贷款的需求