货币传导异质性与实体经济流动性配置的“马太效应”
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| Title | Heterogeneity of Monetary Transmission Mechanism and the Matthew Effect of Liquidity Allocation in Real Economy
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| 作者 | 杨继生 向镜洁 |
| Author | Yang Jisheng and Xiang Jingjie |
| 作者单位 | 华中科技大学经济学院 |
| Organization | School of Economics, Huazhong University of Science and Technology |
| 作者Email | yangjisheng770@163.com；xiangjingjie1994@126.com |
| 中文关键词 | 货币政策 流动性配置 马太效应 实体经济 虚拟经济 |
| Key Words | Liquidity Allocation; Matthew Effect; Monetary Policy; Real economy; Virtual Economy |
| 内容提要 | 金融服务实体经济的关键在于能否引导流动性进入重点领域和薄弱环节，因此货币资源的配置效率比释放总量更值得关注。本文基于交互效应面板分位数回归，测度货币政策对实体经济企业流动性的异质性影响、以及流动性在实体经济中配置的失衡程度。研究发现：利率、准备金率、公开市场操作等货币政策工具对实体经济均存在“马太效应”，宽松的货币政策对弱势企业流动性的补给作用不及强势企业的一半。虚拟经济对实体经济的分流进一步恶化了流动性配置的失衡状态，其对弱势企业的分流效应大约是强势企业的3倍，企业内源融资能力越差，分流效应越显著。目前，利率市场化有助于缓解货币传导的“马太效应”，其中价格改革是促进流动性合理分配的主要因素，而数量改革效果不明显。 |
| Abstract | A financial system is supportive or not for real economy depends on whether it can flood key areas and weak links with liquidity, which means allocative efficiency is more important than total supply. Based on quantile regression model with interactive effects, this paper measures heterogeneity of the impact of monetary policy on corporate liquidity, so as to study the allocation of liquidity among real economy from the micro perspective. Study shows that Matthew effect widely exists in the effects of traditional monetary policy tools including interest rates, reserve ratio and open market operation. To be specific, the support from releasing liquidity to disadvantaged firms does not reach half of that to advantaged firms. At the same time, virtual economy diverts liquidity in a manner that strengthens Matthew effect. The weaker the firm, the more likely it is to be negatively affected, with disadvantaged firms suffering 3 times of diversion compared to advantaged firm. Fortunately, the ongoing financial reform can alleviate the Matthew effect in monetary transmission, among which the effect of interest rate liberalization is most significant. |
| 文章编号 | WP1348 |
| 登载时间 | 2019-03-18 |
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