【主题】China's Monetary Transmission and Systemic Risk:A Role of Interbank Bond Markets
【报告人】陈凯迹（美国埃默里大学副教授）
【时间】2022年12月7日（星期三）上午9：30-10:45
【参会方式】Zoom会议 会议ID：82468149508密码：159850
【语言】英文
【摘要】We study the role of interbank bond markets in China's interest-rate based monetary policy transmission and its implications for systemic risks. By constructing a bank-panel dataset, we find that wholesale funding via interbank certificates of deposit not only facilitates policy interest rates to transmit into loan by non-state banks, but also leads to fast growth in their financial fragility as an unintended consequence. Accordingly, non-state banks with a heavier exposure to wholesale funding witness a larger increase in systemic risks in response to negative shocks to the economy since 2018. We advance a theoretical explanation of our empirical findings and quantify the trade-off of banking regulation on wholesale funding between the effectiveness of monetary policy transmission and exposure to systemic risks within this framework.
