关键词: 货币政策,银行风险承担渠道,金融稳定

Abstract: Based on the panel data of China’s 72 commercial banks during 2006-2013, this paper constructs risk-taking proxy variables of commercial banks in selecting assets and liabilities and then verifies the integrity of bank’s risk-taking channels of China’s monetary policy with the GMM method. The empirical results show that on the whole the bank’s risk-taking channel of China’s monetary policy does exist, which is affected by macro economy and micro bank characteristics. On one hand, the incentives of the expansionary monetary policy on bank’s risk-taking behaviors are reflected in the asset selection, rather than liabilities selection behavior; on the other hand, the increase of bank’s asset risk taking will lead to the increase of credit availability, while the increase of liability risk taking will encourage the decrease of credit availability. This means, from a financial stability perspective, the monetary policy is not neutral. Therefore, when designing the monetary policy under the institutional framework of macro-prudential management, China should take into account the objective of financial stability.

Key words: monetary policy; bank’s risk-taking channels; financial stability