Research on the Green Effect of Structural Monetary Policy—A Study Based on the Expansion of MLF Collateral

Structural monetary policy is an important new measure of the central bank. It is an important problem that we need to study deeply. We take the 2018 MLF collateral expansion policy as a quasi-natural experiment. We use the data of A-share listed companies from 2013 to 2023. We use the difference-in-differences method. We study the green effect of structural monetary policy and its transmission mechanism in a systematic way. We find that the expansion of MLF collateral greatly promotes the green transformation of enterprises. The effect is stable and lasting. From the heterogeneity analysis, we find that the policy benefits are more for large enterprises and enterprises with a good foundation of green technology. The research in this paper provides micro empirical evidence and policy implications for optimizing structural monetary policy tools and supporting the "double carbon" goal accurately.