存款準備率對銀行利率決策與福利的影響

本文於估計存、貸款戶的需求行為與銀行的決策行為參數之後，再藉由反事實實驗（counterfactual experiments）分析探討存款準備率的調降分別對於銀行的存、貸款利率決策與存、貸款戶的存、貸款需求決策以及其福利的影響。研究結果發現準備率的調降，將會使得銀行提升存款利率以吸收更多資金與調降放款利率以增加貸放金額，前者會吸引存款戶增加存款需求，而後者亦吸引貸款戶對於貸款的需求，從而增加存款市場與貸款市場的市佔率以創造更多的流動性。此外，準備率的調降同時也會增加銀行、存款戶與貸款戶的福利水準，從而使得資金供需市場上的參與者皆享有較高的福利水準。

關鍵字

存款準備率；利率；消費者福利；銀行業

並列摘要

This paper uses a counterfactual experiment to analyze the effects of reducing the required reserve ratio in the Taiwan banking industry in 2008. This paper finds that the decrease in the required reserve ratio led to an increase in the deposit interest rate but reduced the loan rate. In such an instance, liquidity increases since a higher deposit interest rate attracts savings and a lower loan rate increases the demand for investment. In addition, the results show that the decrease in the required reserve ratio enhanced the welfare of banks, as well as savers and borrowers.

並列關鍵字

required reserve ratio ； interest rate ； consumer welfare ； banking

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