The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks

›› 2018, Vol. 34 ›› Issue (11): 40-50.

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The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks

HAN Yang^1,2, HE Jianmin¹

1.School of Economics ＆ Management, Southeast University, Nanjing 211189, China;
2.School of Finance, Anhui University of Finance and Economics, Bengbu 233040, China

Received:2018-04-03 Online:2018-11-10 Published:2018-11-12

流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据

韩扬^1,2, 何建敏¹

1.东南大学经济与管理学院,江苏南京 211189;
2.安徽财经大学金融学院,安徽蚌埠 233040

作者简介:韩扬(1979-),男,安徽蚌埠人,东南大学经济与管理学院博士生,安徽财经大学金融学院讲师;何建敏(1956-),男,江苏无锡人,东南大学经济与管理学院教授。
基金资助:
国家自然科学基金资助项目(71371051)

Abstract

Abstract: This paper aims to explore the relationship between the bank liquidity creation and the output growth of the whole industry as well as the industry at three different levels, and analyze the variation of bank liquidity creation per asset, the risk-taking level and the major assets or liabilities of the bank.The conclusions are as follows: (1) The bank liquidity creation, especially the liquidity creation of balance sheet, can significantly improve the output growth rate of the whole industry and the industry at three different levels;(2) The bank liquidity creation growth rate of balance sheet makes larger contribution to the output growth of the industry at three different levels than the bank liquidity creation of off-balance sheet which is not obviously helpful to the primary industry; (3)The bank liquidity creation can be adjusted upward. Finally, some countermeasures and suggestions are given.

Key words: Liquidity Creation, Dynamic Panel Regression, Balance Sheet

摘要： 为了揭示流动性创造对实体经济增长的促进作用,基于我国商业银行的深度财务报告和面板回归模型验证了流动性创造与实体经济增长之间的关联性。实证结果显示:商业银行流动性创造对实体经济具有较为显著的促进作用;表内流动性创造对第二产业增长的促进作用较为显著,对第一产业的促进作用较小,并且对各层次产业增长的促进作用均大于表外;表外流动性创造对第一产业的促进作用不显著。最后,根据商业银行资产负债表科目和风险承担的变化特征讨论了流动性创造上调的可行性,并结合实证结果提出了相关对策建议。

关键词: 流动性创造, 动态面板回归, 资产负债表

CLC Number:

F830

HAN Yang, HE Jianmin. The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks[J]. , 2018, 34(11): 40-50.

韩扬, 何建敏. 流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据[J]. 财经论丛, 2018, 34(11): 40-50.

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The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks

流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据

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