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货币政策与商业银行风险承担的中期报告.docx

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货币政策与商业银行风险承担的中期报告 Introduction Inanyeconomy,thecentralbankplaysasignificantroleintermsofregulatingmoneysupply,promotingeconomicgrowth,maintainingpricestabilityandensuringfinancialstability.Themonetarypolicyinanycountryisanimportanttoolthatacentralbankusestoachievetheaforementionedgoals.Inthemoderneconomy,themarketofeverynationisdominatedbycommercialbanks,whicharethekeydepositoryinstitutionsforeconomicdevelopment.Commercialbanksborrowmoneyfromdepositors,lendmoneytoborrowersandearnaprofitthroughthedifferencebetweentheinterestrates.However,duetotherisksassociatedwithbanklending,bankingactivitycanbeexposedtovariousrisks.Thisreportwillexploretherelationshipbetweenmonetarypolicyandrisk-takingbycommercialbanks. LiteratureReview Therelationshipbetweencentralbanksandcommercialbanksisdiscussedinvariousstudiesthatexaminetheroleofmonetarypolicyinshapingthecreditcycleofacountry.CharlesGoodhart(1988)arguesthattheadoptionofmonetarypoliciesbycentralbankscanleadtochangesinthebusinesscycle.AccordingtoGoodhart,thecreditcycleisaffectedbythetighteningorlooseningofmonetarypoliciesbythecentralbanks.Thisisbecausetheinterestratesthatcommercialbankschargeborrowershaveanimpactonthedemandforcredit,whichaffectseconomicactivity. Anotherscholar,MichaelT.Belongia(2007),suggeststhatmonetarypolicyaffectsthewillingnessofcommercialbankstolendandtherisksassociatedwithlending.AccordingtoBelongia,centralbankscaninfluencethewillingnessofcommercialbankstolendbychangingmonetarypolicy.Whencentralbankspursueexpansionarymonetarypoliciesandreduceinterestrates,itencouragesborrowingandlending.Whentheinterestratesarelow,itismorelikelythatbusinesseswillinvestandindividualswillspendmore.Thisincreasesthedemandforloans,whichcanleadtoanincreaseintheoveralllendingportfoliosofcommercialbanks.However,whencentralbankspursueacontractionarymonetarypolicyandraiseinterestrates,thisleadstoareductioninthedemandforcredit.Inturn,thisreducesthelendingportfoliosofcommercialbanks,whichcanleadtoareductioninthecreditsupply,andthereby,