Robustness: Panel data.

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）规模扩张往往与更高的银行间市场利率相伴而生。本文基于上海银行间同业拆放利率（Shanghai Interbank Offered Rate，Shibor）报价面板数据，通过实证分析表明，常备借贷便利宽松会刺激银行的风险承担行为，并放大银行流动性需求。由此引致的流动性需求主导了流动性供给效应，最终推高银行间市场利率。此外，国有银行的风险承担行为相较于非国有银行，对常备借贷便利政策的敏感性更高。基于上述特征，在银行间市场流动性管理中，常备借贷便利政策相较于价格型工具或数量型工具，更适合作为预期管理工具。