This paper studies the role that bank loans have played in Taiwan’s monetary transmission using data on bank loan components in Taiwan. We estimate VAR models consisting of a set of core macroeconomic variables and various bank loan components, and examine the impulse responses of these loan components to a monetary tightening and a real aggregate demand downturn. We find that business loans and secured loans increase while consumer loans and unsecured loans decline after a monetary tightening. In contrast, we find that the above response patterns of bank loans are generally absent during a real aggregate demand downturn. Our findings suggest that bankers' decisions concerning loan portfolios have contributed to the observed changes in loan components after a monetary tightening, confirming the role of a “credit channel” in Taiwan’s monetary transmission.

本研究利用台灣商業銀行分類放款資料實證探討銀行放款在貨幣傳導機制中扮 演的角色。在研究中，我們估計涵蓋台灣核心總體經濟變數與各類放款變數的向 量自我迴歸模型，並利用模型估計的結果比較緊縮貨幣政策衝擊與實質總合需 求負面衝擊下各類放款變數的衝擊反應函數。我們發現緊縮貨幣衝擊後,銀行放 款組合產生重要改變;特別是,企業放款與擔保放款增加,而消費性放款與無擔保 放款減少。然而，我們亦發現在實質總合需求負面衝擊下，上述放款組合的變動 特色並未出現。我們的實證結果支持銀行對各類放款「供給」的改變造成了上述 緊縮貨幣後放款組合的改變，以及「信用管道」在台灣貨幣傳導機制中扮演的角 色。