Broad Credit and Monetary Policy Transmission:Based on the Macro-prudential Assessment
The Macro-prudential Assessment System launched by the People's Bank of China takes broad credit as an important prudential regulation indicator.Broad credit more objectively reflects changes in China's financial system,enriches and broadens monetary policy transmission,and plays an increasingly important role in macro-prudential,micro-regulation and financial stability.Therefore,based on the theoretical model of financing structure and financing premium,this paper empirically tests the broad credit transmission mechanism of China's monetary policy,and verifies two necessary conditions for the transmission of broad credit channels.The existence of the broad credit channel transmission of China's monetary policy proves the necessity and feasibility of the coordination between monetary policy and macro-prudential policy,and provides a certain research basis for the coordinated development.
broad creditmonetary policy transmissionfinancing structurefinancing premiumMacro-prudential Assessment System