新常态下商业银行和企业两部门杠杆联动的微观机制和宏观效应

Micromechanism and Macro effect of Leverage Dynamics between Commercial Banks and Enterprises under New Norm

Xin Gu, Tingfei Cui and Yingquan Hu

MPRA Paper from University Library of Munich, Germany

Abstract: 本文通过构建一个具备微观基础的局部均衡模型，研究了企业和商业银行两部门杠杆联动与资本市场信贷风险溢价之间的动态关系。研究结果发现上述两者之间存在正相关性。这一结果丰富了当前新凯恩斯主义货币经济对信贷风险溢价的内涵，将金融杠杆纳入微观动态研究框架内。在宏观层面上，企业和商业银行两部门杠杆联动一方面会减弱企业投资动力，另一方面又会导致银行“惜贷”，导致“债务-通缩”加速。由此本文建议宏观政策制定者应着重从企业和金融两部门关注当前“去杠杆”进程，在保持相对宽松的货币政策前提下，辅以预期管理，为经济转型造成良好的宏观环境。

Keywords: 信贷风险溢价；杠杆；债务-通缩；局部均衡 (search for similar items in EconPapers)
JEL-codes: E5 E6 (search for similar items in EconPapers)
Date: 2016-11-14
New Economics Papers: this item is included in nep-mac
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