Shibor with different maturities.

We observe an anomaly that SLF quantity expansion is often accompanied by higher interbank market rates. With the Shibor bid panel, this paper empirically shows that SLF easing encourages bank risk-taking activity, and amplifies bank liquidity demand. The induced demand dominates the liquidity supply effect and leads to higher interbank rates. Moreover, the risk-taking behavior of state-owned banks is more sensitive to SLF than that of non-state-owned banks. These features make SLF a better expectation management tool than a price-based or quantity-based tool for interbank market liquidity management.

我们观察到一个反常现象：常备借贷便利（Standing Lending Facility，SLF）规模扩张往往伴随银行间市场利率上行。本文以上海银行间同业拆放利率（Shanghai Interbank Offered Rate，Shibor）报价面板数据为样本开展实证检验，发现常备借贷便利的宽松操作会激励银行的风险承担行为，并放大银行的流动性需求。该引致的流动性需求的影响超过了流动性供给效应，最终推高了银行间市场利率。此外，国有银行的风险承担行为对常备借贷便利的敏感程度显著高于非国有银行。上述特征使得常备借贷便利在银行间市场流动性管理中，相较于价格型或数量型货币政策工具，更适于作为预期管理工具。