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essay代写-The impact of monetary policy on bank risk taking

2018-06-19 | 来源:51due教员组 | 类别:Essay代写范文

本篇essay代写- The impact of monetary policy on bank risk taking讨论了货币政策对银行风险承担的影响。银行在经营业务的同时也承担与管理风险,往往业务风险与利润呈正向关系。通过货币政策来影响银行的存贷款利率,银行的存贷款规模及企业融资成本受到影响,银行的风险承担最终也会受到影响。而货币政策影响银行贷款规模和利率水平,带来代理成本的变化和社会投资量,也会影响银行的风险承担。本篇essay代写51due代写平台整理,供大家从参考阅读。

bank risk taking,银行风险承担,essay代写,代写,paper代写

Monetary policy is the central bank through open market operations, reserve requirements and monetary tools such as discount policies to regulate the money supply, which in turn affect the market interest rates, which affect the demand for investment, net export demand and consumer demand, in order to realize the economic growth, price stability, full employment and the ultimate goal of the international balance of payments. The monetary policy formulated by the central bank involves general monetary policy, selective monetary policy and supplementary monetary policy. Traditional general monetary policy mainly adjusts the money supply through traditional tools, thus affecting the aggregate demand. General monetary policy mainly includes rediscount policy, statutory reserve ratio policy and open market business. Selective monetary policy including securities market credit control, customers credit control, prepay import margin, preferential interest rate, etc., mainly for special credit limit, in the field of regulation and influence; Complementary is mainly the central bank monetary policy on the basis of status and prestige, to use a more flexible means for financial institutions issued guidance or advice, is a more flexible policy of complementary. Supplementary monetary policy mainly includes moral advice and window guidance.

According to the effect of monetary policy making and its possible influence, monetary policy can be divided into contractionary monetary policy and expansionary monetary policy. During the recession, the central bank by reducing the statutory deposit reserve ratio, rediscount rate reduction, on the open market to buy Treasury bonds and other series of measures to increase the money supply mechanism, so as to stimulate investment, net export and residents' needs, achieve finally stimulate aggregate demand policy objectives; At the same time, in the booming economy, the central bank through raised the legal deposit reserve rate, raised rediscount rate, on the open market selling government bonds and other series of measures to reduce the money supply mechanism, so as to reduce investment, net export and residents' needs, achieve finally cut aggregate demand policy goals.

Since 2011, the central bank cut in deposit and lending rates and deposit reserve ratio many times continuously, especially to cut interest rates five times in a row, 2015 benchmark one-year deposit interest rate from the original 2.75% to 1.5% today, a one-year benchmark lending rate from 5.6% to 4.35%, more than five years in the benchmark lending interest rate from 6.15% to 4.90%; The reserve requirement ratio of large and medium-sized financial institutions was cut from 20% to 16.5% on February 29, 2016. The central bank cut the benchmark interest rate and reserve requirement ratio for deposits and loans for five consecutive times in 2015, and cut the reserve requirement ratio again on February 29, 2016. Under the global subprime mortgage financial crisis, cut in deposit and lending rates, reduce the legal deposit reserve rate, in the open market to buy Treasury bonds and other series of measures to increase the money supply mechanism, so as to achieve the purpose of stimulating investment, net export and residents demand, finally in order to achieve economic growth, full employment, price stability and balance of payments policy goals. Therefore, a prudent and slightly loose monetary policy can continuously optimize the credit structure, promote the development of the financial market and create an appropriate monetary and financial environment.

Banks also bear and manage risks while operating business, and business risks are usually in a positive relationship with profits. Ensuring the safety, liquidity and profitability of funds is a basic requirement for financial institutions such as Banks, which are essentially coordinating the relationship among security, liquidity and profitability. Taking and managing risks is one of the basic functions of Banks, and also a driving force for the continuous innovation, development and diversification of banking business. The premise of traditional risk taking channel theory is risk neutrality, and risk taking channel mainly includes credit channel, interest rate channel, exchange rate channel and asset price channel. Interest rate channel refers to the influence of monetary policy on the bank's deposit and loan interest rate, the size of bank's deposit and loan and the cost of enterprise financing are affected, and the bank's risk bearing is ultimately affected. Credit channel refers to that monetary policy affects the loan scale and interest rate level of Banks, brings the change of agency cost and social investment amount, and then affects the risk commitment of Banks. Asset prices channel refers to the monetary policy to affect the price of the stock market, the enterprise through the issuance of stocks to expand social investment, rising stock prices, loose monetary policy will affect the bank's risk bearing; Exchange rate channel interest rate refers to the monetary policy will lead to the change of exchange rate, monetary policy can lead to a currency devaluation, cut interest rates and exchange rate falling export enterprise income increase and residents' consumption for imports.

The current risk taking channel theory of monetary policy mainly considers the influence of monetary policy on enterprises' import and export, household consumption and social investment from the risk dimension. Therefore, monetary policy is closely related to the risk bearing of Chinese Banks, which can be divided into the following four aspects.

Monetary policy brings monetary illusion effect, which affects the bank risk taking. A prudent and slightly loose monetary policy leads to a relatively loose money supply and an increase in the flow of money in the market, which makes people have the illusion of money. On the one hand, too much liquidity in the market also enables Banks to obtain more funds, creating the illusion of temporary economic prosperity and improving the quality of bank assets and liabilities. Banks have been given greater capital adequacy ratios and reduced loan loss provisions. Under the illusion of economic prosperity, Banks invested their own funds in riskier projects, thus raising their risk taking level. Sound slightly loose monetary policy, on the other hand, the economic prosperity, enterprises reduce the cost of financing, asset prices rise, liabilities, cost reduction, increase enterprise cash flow, balance sheets, enhances the enterprise the loans will, reduce financing cost, and improve the level of bank's risk exposure.

In the capital asset pricing model, the expected return on assets is the sum of risk return rate and risk-free market interest rate. Banks' earnings generally has strong viscosity, in order to keep the original, fixed, expected returns of competition between peers or performance pressure, Banks and other financial institutions will adjust their assets and liabilities structure, expand the scale of risk assets, increase the proportion of risky assets. Moderate easing slightly under the gains viscous effect makes financial institutions involved in more risky business, the longer the loose policy, Banks' holdings of risky assets, the greater the level, the higher the risk of the bank.

From investment inertia, on the one hand, the loose monetary policy, interest rates, credit bank, the rise in risk appetite, threshold is reduced, increase the credit scale, enterprises are faced with the economic situation is good, financing constraints is abate, reduce the cost of financing, bank risk bearing level rise; On the other hand, the loose monetary policy changes the financing cost of enterprises by influencing the deposit and loan interest rates. Based on the good economic situation and expectations, to increase investment, in turn, affects the balance sheets of enterprises, corporate balance sheets, the better, the bank for the balance sheets of good corporate risk appetite stronger, the greater the level of risk exposure to the bank.

A prudent and slightly loose monetary policy provides ample liquidity, the illusion of economic prosperity, and the better the expectations of businesses and people in society for the future of the economy. Judging by the economic situation and optimistic expectations, Banks, enterprises and social residents all make bold spending and investment. In order to seize market share and the pressures of competition, Banks and other financial institutions would reduce their credit standards, or a series of reductions on pricing, will money into some risky projects. Therefore, loose monetary policy brings the illusion of temporary economic prosperity. Based on the investment inertia, it increases the risk preference degree and makes a large amount of investment, thus improving the risk tolerance level of Banks.

As the lender of last resort to commercial Banks and other financial institutions, the central bank has the power of unified control, unified management and unified currency. The central bank has played an important role in ensuring the safety of depositors' funds, maintaining the stability of the financial market and exercising macro-control over the financial market. As an issuing bank, the main function of the central bank is to issue money and unify the currency. As a bank of the government, the central bank mainly ACTS as the agent of the state Treasury and finance to implement financial policies. As a bank, the central bank ACTS as lender of last resort and is responsible for the collection and storage of reserves held by financial institutions. As a bank in charge of financial activities, the central bank mainly formulates and implements monetary policies and exercises unified leadership and management over financial institutions.

The central bank mainly through complementary monetary policy using its reputation and status, moral suasion or window guidance to financial institutions to influence, so as to achieve the financial institutions and financial activities for the purpose of the macroeconomic regulation and control. In the boom years, the central bank through raise reserve requirements, not only raised rediscount rate and sold on the open market debt easing monetary policy, such as general will take such as window guidance and moral suasion complementary monetary policy to curb excessive economic prosperity, inflation, rising prices, etc., to avoid excessive prosperity and economic volatility. Based on the communication effect of the central bank, the tight monetary policy will restrain the bank's risk taking level, and the loose monetary policy will expand the bank's risk taking level.

In conclusion, monetary policy can have a significant impact on Banks' risk taking through four aspects: the stickiness effect of earnings, the illusion effect of money, the communication effect of central bank and the inertia effect of investment. The central bank cut the benchmark interest rate and reserve requirement ratio for deposits and loans for five consecutive times in 2015, and cut the reserve requirement ratio again on February 29, 2016. Therefore, a prudent and slightly loose monetary policy can continuously optimize the credit structure, promote the development of the financial market, create? M suitable monetary and financial environment. But with interest rates falling and reserve requirements falling, prudent and slightly loose monetary policy has increased Banks' risk appetite.

Therefore, financial institutions should be careful to adjust the central bank lending and deposit rates and deposit reserve rate, in combination with money illusion effect, income viscous effect, investment inertia effect and central bank communication effect and so on various aspects factor synthesis and adjustment of monetary policy, attaches great importance to its influence on bank risk bearing level. Financial regulators should also pay close attention to the impact of changes in monetary policy on bank risk-taking. In particular, when the economy is in a downturn and interest rates remain low for a long time, the central bank and financial regulators should strengthen supervision of monetary policies and financial institutions.

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