| 摘要: |
| 摘要：2008年国际金融危机以来，对银行的流动性要求重视程度大幅提高，国内外都推出了新的措施。然而，流动性管理对银行间市场的影响仍存在争议，虽然流动性要求能够提高市场稳定性，但过于严格的要求可能抑制市场活力。例如2015年中国人民银行将存款准备金考核由时点法改为平均法。平均法的流动性要求能否解决稳定性和市场效率之间的冲突呢?通过开展一系列行为实验，考察了银行在没有流动性要求、时点法流动性要求和平均法流动性要求三种条件下的决策，发现：（1）对比没有流动性要求，时点法要求银行储备更多现金，虽然降低了银行破产率，但是现金利用率的下降也导致银行投资收益率下降；（2）平均法相较于时点法，能够在不同阶段灵活调配资金，同时提高银行间市场效率和稳定性。研究为平均法存款准备金考核改革的必要性提供理论支撑，流动性管理要兼顾效率与稳定，守住不发生系统性风险的底线同时服务实体经济发展。 |
| 关键词: 关键词：流动性要求；银行间市场；投资效率；破产率 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家自然科学基金青年项目“基于帮助博弈模型的社会合作演化机制研究”（71201129）；西南大学基本科研业务费重点项目“银行间信贷网络的形成机制及系统性风险研究”（XDJK2016B008）；金融数学福建省高校重点实验室（莆田学院）开放课题“系统性金融风险的形成机理、监测预警与防范措施研究”（JR202201）。 |
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| The Impact of Liquidity Requirement on the Efficiency and Stability of the Interbank Market:An Analysis Based on Behavioural Experiments |
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YU Tong-kui，LONG Ming-xiu
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（School of Economics and Management,Southwest University）
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| Abstract: |
| Abstract：Since the financial crisis in 2008,the importance attached to liquidity requirement for banks has increased significantly,and new measures have been introduced both domestically and internationally.However,the impact of liquidity requirement on the interbank market remains controversial.Although liquidity requirement can improve market stability,overly strict requirement may inhibit market dynamics.In 2015,the People’s Bank of China changed its required reserve measurement methodology from the point-in-time method to the averaging method.Can the averaging method resolve the conflict between stability and market efficiency? Conducts a series of behavioral experiments to examine banks’ decision-making under three conditions:no liquidity regulation,point-in-time liquidity requirement and averaging liquidity requirement,and finds that (1) compared to no liquidity requirement,point-in-time requirement requires banks to stockpile more cash,which reduces bank insolvency,but the decline in cash utilization also leads to a decline in banks’ return on investment;and (2) the averaging method,compared to the point-in-time method,it can flexibly deploy funds at different stages,while improving the efficiency and stability of the interbank market.This work provides theoretical support for the liquidity requirement reform from the point-in-time method to the averaging method.liquidity management should consider both stability and efficiency,and we should improve the financial regulatory system to hold the bottom line of no systemic financial risks,at the same time,strengthen financial sector’s role in serving real economy. |
| Key words: Key words：Liquidity Requirement;Interbank Market;Investment Efficiency;Bankruptcy Rate |
