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本文建立了理论模型比较在单一准备金和差别准备金两种制度下中央银行和商业银行的纳什均衡策略,分析差别准备金制度对商业银行信贷投放节奏的影响,认为与单一准备金制度相比,差别准备金制度能更好抑制商业银行早放贷的冲动,实现商业银行平滑信贷投放节奏的政策目标。本文提出,应加强对违规商业银行的惩罚力度,确保差别准备金制度有效实施。在实施差别准备金制度时,应考虑其对宏观审慎管理、金融稳定的影响。应有效运用经济热力系数的调整,及时校正商业银行“顺周期”行为,打破经济系统正反馈机制。
This paper establishes a theoretical model to compare the Nash equilibrium strategy between the central bank and the commercial bank under the single reserve and the differential reserve, and analyzes the impact of the differential reserve system on the rhythm of commercial bank credit. It considers that compared with the single reserve system , The differential reserve system can better inhibit the impulse of commercial banks to lend earlier and realize the policy goal of smoothing credit rhythm of commercial banks. This paper proposes that the penalties for non-compliant commercial banks should be strengthened so as to ensure the effective implementation of the differential reserve system. In the implementation of the differential reserve system, should consider its macro-prudential management, financial stability. Should effectively use the adjustment of economic and thermal coefficient, timely correction of commercial banks “Cyclical ” behavior, breaking the positive feedback mechanism of the economic system.