Liquidity Provision,Commercial Bank Asset Allocation,and Liquidity Stratification
This study employs a panel data model to investigate the impact of monetary poli-cy instruments on interbank market financing liquidity and its heterogeneous characteristics and analyze the impact of central bank liquidity provision on the stratification of liquidity in the inter-bank market,drawing from a microstructural perspective on commercial bank asset allocation.The model integrates data on the interbank certificate of deposit issuance,credit transactions,and fi-nancial data.Empirical results indicate that the provision of short-term liquidity through standing lending facilities may increase financing costs for small and medium-sized commercial banks,leading to issues of liquidity stratification.These issues are effectively mitigated following the in-clusion of interbank certificates of deposit in the macro-prudential assessment(MPA).The pri-mary cause of liquidity stratification induced by standing lending facilities is the disparity in asset allocation behaviors among commercial banks,driven by insufficient financing.Consequently,it is advisable to incorporate central bank liquidity provision and changes in the volume and structure of depository institutions'balance sheets into a unified liquidity risk management framework to prevent liquidity stratification issues caused by concentrated liquidity distribution.
liquidity provisionasset allocation structureinterbank certificates of depositliquidity stratification
NETL
NSTL
万方数据
