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The Effects of Equity Re-financing of Commercial Banks on Monetary Policy Transmission Mechanism

Author: YuChun
Tutor: QianXueSong
School: Huazhong University of Science and Technology
Course: Western Economics
Keywords: Monetary policy transmission mechanism Equilibrium model Equity re-financing decision
CLC: F822.0;F224
Type: Master's thesis
Year: 2010
Downloads: 80
Quote: 0
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Abstract


Monetary policy transmission mechanism, refers the central bank,for the need of economic development, uses monetary policy tool to affect the overall economic activity and mechanism of process. Whether the monetary policy transmission mechanism smooth or not directly effects the implementation of monetary policy.In recent years, with the frequent equity re-financing of commercial bank, the heaven volumn of bank lending and the continuous adjustment of monetary policy instruments which did not reach the target of monetary policy transmission mechanism, we have to look to the effects of commercial banks of China equity re-financing on monetary policy transmission mechanism. Commercial banks equity re-financing weaken the constraint of the banks’funds, intereres the ajustment of social public about the bank’s real type throught the stock market. Based on Bolon and Freixas (2006) model , the thesis introduces the assumption of lacking corporate debt capital market, commercial banks equity re-financing, and structures the general equilibrium state of the capital market. The thesis shows that equity re-financing of commercial banks will affect commercial bank credit decision-making, thus affect the implementation of monetary policy. Meawhile, in the market full of information asymmetry, equity re-financing will bring a confusion of the social public of the true types of different commercial banks, namely that the bank with weak management ability will imitate the lending practices of bank with good management ability, so as to confusing the public to the real type of banks. Throngh this, high quality loans of banks with good management ability can not identify by enterprises, which affect the commercial bank credit decision-making.This thesis, starting from our undeveloped financial market, analyzes the transmission mechanism of equity re-financing of commercial banks, discusses the reasons for the failure effects of monetary transmission mechanism in China and provides the advices for improving the monetary transmission mechanism. The policy implications of this thesis are as follows: strengthening the attention of equity re-financing of commercial banks, implementating flexible regulatory mechanism of capital adequacy , rationalizing the stock price , maintaining a reasonable stake in commercial banks, improving the macroeconomic environment

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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