The Top Domestic Economics Journal Economic Research Journal Published the Research Achievement of the University's Teacher
2018-11-09
The 6th issue of top domestic economics authority - Economic Research Journal in 2018 published Prof. Pan Bin's research achievement - Interbank Business, Liquidity Volatility and Liquidity Management of Central Bank.
This paper brings the characteristics of interbank business and its impact on the bank assets & liabilities into the liquidity analysis framework, explores the intensity of supervision and constraint for traditional saving and loan business and the correlation between interbank scale and liquidity level, and then constructs the dynamic system model based on interbank market to conduct simulation analysis of the impact of interbank business on liquidity volatility and simultaneously inspect the effect of different modes of the liquidity management of Central Bank on smooth liquidity volatility.
The important policy implication of this paper's research conclusion is that the traditional regulatory constraints faced by commercial banks when expanding the traditional credit business is of positive correlation with the incentive to develop interbank; after the scale of interbank exceeds a certain limit, the liquidity risk of banks is of positive correlation with the proportion of interbank; interbank behavior leads to the expansion of maturity mismatch of assets and liabilities, intensifies its pro-cyclical characteristics, leads to an increase in fluctuation range and frequency of financial market liquidity, and weakens the implementation effect of the original liquidity management tools of the Central Bank; in the face of liquidity volatility in currency market caused by interbank, it is efficacious for the Central Bank to adopt a combined liquidity management mode with interest rate guiding as the priority and unconventional policy tools as auxiliary.
The Economic Research Journal is a top journal in China's economic field, which represents the highest level of China's economic research. This is the second time Prof. Pan Bin's team has published academic papers in the Economic Research Journal. Its series of achievements enrich and perfect the theoretical and empirical research of monetary policy transmission and effect, which has played an important role in promoting the social science research of the university and will greatly improve the academic influence of the social science research of the university, and has important significance and value to the "Three Promotions" work and construction of doctoral programs of first -level discipline in Applied Economics. (Sun Liang
