|摘要: ||美國於2008年金融海嘯後由於傳統貨幣政策(升降息政策)已無法再刺激並恢復其經濟狀況，因此美國聯準會開始實施非傳統貨幣政策(貨幣量化寬鬆政策,quantitative easing policy,QE)試圖減緩危機後的經濟蕭條。而在同時美國聯準會也開始實施支付金融機構存在央行超額存款準備利息之政策，它將利率訂在聯邦基金利率的上界且其主要目的為確保銀行的資產流動性，而此政策實施後可能會影響量化寬鬆政策對銀行放款的效果。本研究使用銀行端資料並著重在銀行放款途徑，試圖檢驗量化寬鬆政策對銀行放款所造成的流動效果。實證結果發現在量化寬鬆期間銀行的資產流動性確實對於放款活動有正向而且顯著的效果，但效果並不大，且部分效果被銀行間借貸活動的減少所抵銷。另外，銀行金控及控股公司之銀行由於有內部資本市場的存在，而在此期間流動性對於放款活動有負向而且顯著的效果。再者，結果也指出在三種不同的銀行種類中，儲蓄銀行在實施QE政策期間，流動比率增加對銀行放款增加效果最大。而在傳統貨幣政策 (升降息政策)期間，銀行的流動性對於放款活動也有正向而且顯著的效果，但其效果比量化寬鬆政策小。最後，我們發現在我們的資料中，當流動比率超過0.0884將能有效且顯著地提升銀行放款總額。|
The unconventional monetary policy, quantitative easing policy (QE), was conducted to alleviate the impact of financial crisis in 2008 since the conventional monetary policy is not useful to stimulate economic growth. At the same time, the Fed also set the interest rate of excess reserves at the upper bound of target federal fund rate in order to insure the liquidity in banks, and there is a controversy that this policy will offset the effect of quantitative easing policy on bank lending. In this paper, we use bank-level data and focus on bank lending channel, trying to test the liquidity impact on loan of banks during QE1 and QE2 period. We identify a positive and significant effect of bank liquidity on lending, however the impact is secondary, and some of the effects were offset as banks reduce their lending to other banks. Moreover, we find that for bank holdings & holding companies, there is a negative association between liquidity and banks loans, given that they have internal capital market. In addition, among the three bank types, Savings Banks have the greatest liquidity effect on bank lending during the QE period. Furthermore, lending also influenced positively and significantly by interest rate policy, but the effect is smaller than in QE policy. Finally, we find if the liquidity ratio over 0.0884 in our data, then it can improve loan growth significantly.