文献类型：期刊文献

英文题名：The unintended interaction effect of monetary and macroprudential policies: Evidence from China's bank-level data

作者：Hou, Shuting[1];Zheng, Bowen[2]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Zhejiang Univ Finance & Econ, Sch Finance, Hangzhou 310000, Zhejiang, Peoples R China

年份：2024

卷号：67

外文期刊名：FINANCE RESEARCH LETTERS

收录：;WOS:【SSCI(收录号:WOS:001286681100001)】；

基金：Professional Development Funds from the China-US Scholars Program (CUSP).

语种：英文

外文关键词：Macroprudential policy; Monetary policy; Non-deposit funding; Bank broad credit

摘要：We investigate the unintended interaction effect of monetary and macroprudential policies on banks' broad credit, using Chinese bank-level data from 2005 to 2019. According to our findings, tightening both macroprudential and monetary policies simultaneously in China expands broad credit, which differs from traditional empirical findings in other countries that such policy conditions typically result in credit contraction. We reveal that the non-deposit funding channel drives the unintended surge in broad credit under the interaction of macroprudential and monetary policy.