Has the credit channel of monetary policy transmission changed over time due to banks increased recourse to financial markets?

由于银行增加对金融市场的依赖，货币政策传导的信贷渠道是否随着时间的推移而发生变化？

• 批准号: 2265968
• 金额: --
• 依托单位: University of St Andrews
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2019
• 资助国家: 英国
• 起止时间: 2019 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2265968
• 关键词: credit; channel; monetary; policy; transmission

By transmission mechanism of monetary policy is intended the way in which a policy decision eventually affects the real economy. The policy decision impacts on many macro-variables with a certain time lag. The objective of the research in object is to study whether or how the transmission mechanism, has changed in the light of recent innovation introduced by the European Central Bank. ECB had an instrumental role in the revival of securitisation in the aftermath of the great recession. The Central Bank has used asset-backed finance as a policy lever to sustain the credit provision across the Euro Area by relaxing Asset Backed Securities (ABS) requirements as collateral for its open market operations (2008) and later by starting the ABS Purchase Programme (2014). This activity may have caused a change in the way the monetary impulse is transmitted through the banking sector in the Euro Area, enhancing its role for monetary policy as the banks are originating loans to package them and pledge them as collateral for repos or directly sell them to ECB.Recourse to financial markets enhanced credit provision and gave banks a toolkit to manage their funding cost, regulatory capital requirements and leverage levels. Hence a policy decision will cause multiple consequences on intermediated lending, which may be different in an integrated capital market as compared to a decade ago.

货币政策的传导机制是指政策决定最终影响真实的经济的方式。政策决策对许多宏观变量的影响具有一定的时滞。研究对象的目的是研究传导机制是否或如何根据欧洲中央银行最近推出的创新而发生变化。欧洲央行在大衰退后的证券化复兴中发挥了重要作用。中央银行利用资产支持融资作为政策杠杆，通过放宽资产支持证券（ABS）作为公开市场操作抵押品的要求（2008年）和后来启动ABS购买计划（2014年）来维持整个欧元区的信贷供应。这一活动可能改变了货币冲动通过欧元区银行业传递的方式，增强了其在货币政策中的作用，因为银行正在发放贷款，将其打包并将其作为回购的抵押品或直接出售给欧洲央行。诉诸金融市场增强了信贷供应，并为银行提供了管理其融资成本的工具包，监管资本要求和杠杆水平。因此，一项政策决定将对中介贷款造成多重后果，这在一个一体化的资本市场中可能与十年前不同。