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題名 | 貨幣政策的信用觀點=The Credit View of Monetary Policy |
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作者 | 林有志; | 書刊名 | 中州學報 |
卷期 | 19 2004.06[民93.06] |
頁次 | 頁287-302 |
分類號 | 561.18 |
關鍵詞 | 銀行信用; 貨幣政策傳遞機能; Credit view; Transmission mechanism of monetary policy; |
語文 | 中文(Chinese) |
中文摘要 | 在本文中我們首先探討文獻上銀行信用是央行在執行貨幣政策時相當重視的一個變數,其重要性不亞於一般所注意的貨幣供給量。然而要把銀行信用當作貨幣政策傳遞機能的因素,則貨幣供給量的變動對銀行信用水準與企業商業本票的發行量之間分別是會呈現正與負的關係,規模較大的銀行在貨幣量變動時,其放款額的相對變化程度會較小銀行來得輕微,以及小銀行會比大銀行在比例上持有較高比例的流動性資產。我們利用臺灣近二十年的月資料,並利用迴歸分析發現實際狀況並非完全地支持這些的推論,因此在台灣經由信用管道的貨幣政策傳遞機能並非相當顯著。 |
英文摘要 | We have discussed the existing literatures on the importance of bank credit as well as monetary aggregates which should be cared by central bank. If bank credit is to some extent a key transmission mechanism of monetary policy, the relationship between monetary stance and issuing amount of commercial papers ought to be positive, and there would exists a negative correlation between monetary stance and bank credit. The degree of banks with larger assets will adjust their bank loan amount caused by monetary policy should also be less than the banks with smaller assets. In face of uncertainty of changing monetary policy, the smaller banks will hold more liquidity assets (measured in ratios) than larger banks. In this paper, we use historical data of Taiwan to test above hypotheses but got some ambiguous results, so we concluded that the credit channel of monetary policy is not so evident. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。