文献类型：期刊文献

中文题名：脱虚向实背景下银行同业业务发展研究

英文题名：A STUDY ON INTERBANK BUSINESS DEVELOPMENT FROM THE FICTITIOUS ECONOMY TO THE REAL ECONOMY

作者：郑秀峰[1];刘承洋[2]

机构：[1]河南财经政法大学金融学院,450046;[2]辽宁大学经济学院

第一机构：河南财经政法大学金融学院

年份：2019

卷号：0

期号：1

起止页码：102-112

中文期刊名：经济理论与经济管理

外文期刊名：Economic Theory and Business Management

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；社科基金资助期刊;CSSCI:【CSSCI2019_2020】；

基金：国家社科基金项目(14BJY193);河南省科技金融创新研究重点实验室课题(KJJR201707)的资助

语种：中文

中文关键词：银行同业业务;实体经济;货币政策

外文关键词：interbank innovation;real economy;monetary policy

摘要：近年来,我国商业银行同业业务不断创新,规模迅速扩张,在一定程度上缓解实体经济融资需求的同时,也造成了资金"脱实向虚"。本文基于银行同业业务发展的特点和风险,运用TVP-VAR模型研究银行同业业务创新如何造成了"脱实向虚",同业业务对"量"更敏感还是对"价"更敏感,以及如何引导资金"脱虚向实"。研究结论表明:现阶段的商业银行同业业务规避了金融监管,弱化了货币政策调控效果,造成了资金"脱实向虚"。同时同业业务发展提高了利率的敏感性和传导作用,对于同业业务,货币政策价格型调控更为有效;对于实体经济,货币政策数量型调控更为有效。
In recent years,the interbank innovation of commercial banks has been upgrading and expanding rapidly.It satisfies the financing demand of real economy to some extent,but leading to the fund escaping from the real economy to the fictitious economy.Based on the characteristics and risks of interbank business development,this paper uses TVP-VAR model to study how the interbank innovation makes the fund flowing from the real economy to the fictitious economy,whether quantity or price is more sensitive,and how to drive funds from the fictitious economy to the real economy.The results show as follows:At the present stage,the interbank innovation has circumvented financial regulation,enlarged financial risks and weakened monetary policy effect,resulting in funds distracting from the real economy to the fictitious economy.Meanwhile,since the interbank innovation has enhanced the interest rate sensitivity and transmission mechanism,price-based monetary policy is more effective on the fictitious economy,and quantitative monetary policy is more effective on the real economy.Therefore,with the financial deleveraging policy,government should strengthen the coordination of financial supervision,extend the dual pillar regulatory framework of monetary policy and macro-prudential policy,and encourage financial innovation to support the real economy,so as to promote funds flowing from the fictitious economy to the real economy.