题　目：Transmission Of Quantity-based Monetary Policy Through Heterogeneous Banks In China

嘉　宾：罗丹 助理教授 香港中文大学

主持人：杨彪 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年3月8日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼A511室

内容简介:

Different from rate-based monetary policy in Western countries, China mainly relies on quantitybased instruments, which do not eliminate funding imbalances within the banking system. Consequently, systematic reallocation of funds among banks constitutes a central part of the monetary policy transmission. This paper studies the reallocation mechanism and its effects on credit supply. The negotiable certificate of deposit (NCD) market plays a primary role in the reallocation of funds following monetary policy shocks, whereas traditional interbank markets play minor roles. State banks’ conservatism prevents full reallocation of funds when they lend on the interbank market, but not when they borrow. Regarding the effects on credit supply, we find that following a shift in state banks’ positions on the NCD market from lending to borrowing, non-state banks’ lending relative to state banks increased, and firms borrow a higher fraction from non-state banks than state banks. We show that the results are not driven by plausible alternative mechanisms.

演讲人简介：

Prof. Luo is an Assistant Professor in the Department of Finance at the Chinese University of Hong Kong (CUHK) Business School. Before joining CUHK in 2023, he was a postdoc researcher at the University of Chicago Booth School of Business. He received his PhD degree in Finance from Stanford Graduate School of Business, and Master in Economics and Bachelor of Economics degrees from Tsinghua University. His primary research interests are corporate finance, microeconomic theory, and China economy.

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