LI Cheng,GAO Zhixian：Monetary Policy Stance and Heterogeneous Reaction of Bank Credit: Theoretical Interpretation and Empirical Test Based on Credit Transmission Channel

Abstract：From the macro-prudential perspective, this paper builds a micro-credit model with monetary policy stance. Using monetary policy stance index madding by “Text Mining” and data of 36 commercial banks from 2001 to 2012, we conducted a systematic GMM and panel quantile regression. The results showed that: Firstly, accommodative monetary policy stance will increase the size of commercial banks' loans, and strengthen the credit expansion effect of monetary policy instruments. Secondly, joint-stock commercial banks have most prominent response to monetary policy stance shocks, followed by large commercial banks and city commercial banks respond lastly. Therefore, from the macro-prudential perspective, the monetary authorities should comprehensively analyze the impact of monetary policy stance on different types of commercial banks credit.

Key words： Monetary Policy Stance    Commercial Bank Credit    Text Mining

source:Finance & Trade Economics ,No.12,2014