2926 
2985近年来，基于担保品的结构性货币政策频频亮相，已成为我国货币政策的重要组成部分。在此背景下，文章对传统金融加速器模型进行拓展，构建了包含央行担保品框架的动态随机一般均衡模型，并着重探讨了提高信贷资产抵押率所产生的银行贷款违约风险外移效应对宏观经济波动和货币政策有效性的影响。研究发现：第一，提高信贷资产抵押率可以通过违约风险外移效应而降低借款企业的融资成本，但也会提高借款企业的违约风险，降低社会福利；第二，经济面临负面冲击时，提高信贷资产抵押率所产生的违约风险外移效应可以抑制金融加速器效应，从而稳定宏观经济；第三，信贷资产抵押率与总量型货币政策有效性的关系取决于政策工具，提高信贷资产抵押率在数量型货币政策规则下有助于增强货币政策有效性，但在价格型货币政策规则下对货币政策传导效率的影响较小；第四，担保品扩容之后，扩张性借贷便利操作对经济的刺激作用显著增大，并使通胀率显著下降。文章的研究结论对基于担保品框架的借贷便利工具操作具有指导意义。
央行担保品框架下银行贷款的违约风险外移效应——兼论担保品扩容对宏观经济波动与货币政策有效性的影响
摘要
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引用本文
季朗磊, 张婧屹. 央行担保品框架下银行贷款的违约风险外移效应——兼论担保品扩容对宏观经济波动与货币政策有效性的影响[J]. 财经研究, 2023, 49(5): 33-48.
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