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Deng, X., Gan, S. T., & Liu, C. Z. (2023). Research on the Green Effect of MLF Collateral Expansion Policy: Based on the Perspective of Green Bond Financing Cost. International Finance Research, No. 10, 74-84. (In Chinese)

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• TITLE: Structural Monetary Policy, Macroprudential Policy, and Commercial Bank Risk-Taking

  AUTHORS: Fan Yang

  KEYWORDS: Structural Monetary Policy, Macroprudential Policy, Commercial Banks, Risk-Taking

  JOURNAL NAME: Modern Economy, Vol.17 No.6, June 29, 2026

  ABSTRACT: While actively promoting economic structural adjustments, structural monetary policy also influences commercial banks’ risk-taking. The coordination of macroprudential instruments can mitigate the risk spillover effects of structural monetary policy on commercial banks. By manually collecting collateral-related information from commercial banks and constructing key variables through textual analysis, this study employs a difference-in-differences (DID) approach to demonstrate that structural monetary policy significantly increases commercial bank risk-taking, whereas macroprudential policy effectively curbs such risks. Furthermore, heterogeneous effects are observed across different types of commercial banks and macroprudential instruments. Additionally, accommodative aggregate monetary policy amplifies both the risk spillover effects of structural monetary policy and the mitigating role of macroprudential policy.