How relevant are government-owned banks in the economy, especially during recessions? We study the role of government-owned banks in a dynamic stochastic general equilibrium (DSGE) model with heterogeneous financial intermediaries, heterogeneous households, and minimum capital requirement constraints. We show that the capitalization of government-owned banks during recessions smooths the effects of a negative shock and helps the economy recover more quickly. However, these stabilizing effects could be partially offset by banks’ inefficiency in transforming one unit of capital into loans. Therefore, ignoring the heterogeneity between private and government-owned banks may lead to misleading assessments and conclusions regarding the effects of economic policies on the macroeconomic and banking variables. This is particularly important for evaluating the effectiveness of macroprudential policies.

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国有银行的 DSGE 模型

国有银行在经济中的相关性如何，特别是在经济衰退期间？我们研究了国有银行在具有异质金融中介、异质家庭和最低资本要求约束的动态随机一般均衡（DSGE）模型中的作用。我们的研究表明，经济衰退期间国有银行的资本化可以消除负面冲击的影响，并有助于经济更快地复苏。然而，这些稳定效应可能会因银行将一单位资本转化为贷款的效率低下而部分抵消。因此，忽视私营银行和国有银行之间的异质性可能会导致关于经济政策对宏观经济和银行业变量影响的误导性评估和结论。这对于评估宏观审慎政策的有效性尤为重要。