巴塞尔协议Ⅲ监管约束下的银行信用创造Bank Credit Creation Under Basel Ⅲ Regulations
罗玉辉,李伯尧
摘要(Abstract)：
全面加强金融监管是我国当前金融工作和改革的重点，银行监管下的信贷和货币供给是银行监管研究中的基本问题。本文采用银行信用创造理论探讨此问题，该理论认为银行提供贷款时创造信贷和货币，存款供给不再是信贷供给的主要限制，银行监管成为信贷和货币创造能力的关键约束因素。本文分析了资本充足率、杠杆率、流动性覆盖率和净稳定资金比率的约束效应，并进一步讨论监管下资本金冲击(信贷违约)或准备金冲击(存款转移)对信贷和货币供给能力的影响。研究发现，冲击引起银行扩张或收缩资产负债表导致信贷和货币供给能力上升或下降，信贷和货币供给能力变化与冲击强度之间存在乘数关系，不同监管对应不同乘数形式。研究结果展示了监管与信贷和货币供给之间的联系，并为政策干预提供思路。
关键词(KeyWords)： 银行;资产负债表;信用创造;巴塞尔协议Ⅲ;乘数
基金项目(Foundation): 国家社科基金青年项目“货币创造视角下中国影子银行的宏观效应及政策调控影响研究”（项目号：21CJY005）的资助
作者(Author): 罗玉辉,李伯尧
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- (1)现实中,投资资本金的回报包含资本利得和股息两部分,但是只有股息属于资金流出。所以准确来说,这里回报率iE仅指股息部分的回报。
- (2)极端情况下,负债的可用稳定资金系数等于1。本文框架中,如果考虑这类负债,可将其视为资本金。