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Outside the LCR Box: The Impact of Liquidity Regulation on Banks in China

时间:2022-04-12         阅读:

光华讲坛--社会名流与企业家论坛第6077期

主题:Outside the LCR Box: The Impact of Liquidity Regulation on Banks in China

主讲人刘冲,上海财经大学副教授

主持人乐鱼在线登录经济与管理研究院 吴季教授

时间2022年4月15日(周五)上午10:00—11:30

地点线上腾讯会议号:522 772 983

主办单位:经济与管理研究院 科研处

主讲人简介:

刘冲,上海财经大学金融学院副教授,博士生导师。主要研究方向:货币银行学。在《经济研究》、《管理世界》、《经济学》(季刊)、《金融研究》等国内核心刊物及SSCI期刊发表论文二十余篇,主持国家自然科学基金和博士后基金项目。

内容提要:

LCR箱子之外:流动性监管对中国银行业的影响

本文研究了流动性监管对中国银行业的深层影响。自2004年流动性覆盖率监管实施以来,有研究发现该监管下的银行显著减少了通过银行间债务获得的短期批发融资,而增加了其他短期债券融资(主要是银行间可转让存单)。有别于其他研究,我们发现,自流动性监管实施以来,中国的银行既没有显著增加持有合格高质量流动资产,也没有显著降低风险资产的比例。在存款价格管制和存款竞争环境的压力下,市场势力更强的银行比其他银行吸纳了更多的传统存款,当地市场份额更小的银行转而增加了其他负债的比例以满足流动性要求。这最终在中国银行业中导致了意料之外的结果。

Title:Outside the LCR Box: The Impact of Liquidity Regulation on Banks in China

Abstract:This study investigates the far-reaching effects of liquidity regulation policies on the banking sector in China. Banks subject to liquidity coverage ratio (LCR) regulation since 2014 are found to have significantly decreased their short-term wholesale funding via interbank liabilities while increasing other short-term funding via bonds to pay (primarily interbank negotiable certificates of deposits) on the liability side. The finding of this research that is the most different from other studies is that regulated banks in China neither significantly increased their holdings of qualified high-quality liquid assets, nor significantly reduced their proportion of risky assets, after the implementation of LCR regulation. Under the pressure of deposit price control and a competitive deposit environment, banks with greater market power have attracted more traditional deposits than banks with lower market power, and banks with fewer local market shares have shifted to increase their proportions of other liabilities to satisfy the liquidity requirements. This has ultimately led to unexpected consequences in China’s banking industry.