本研究亟欲探討銀行借貸行為受到貨幣政策衝擊而產生的分配效果 (distributional effect)，是否會因為貨幣政策存在非對稱性 (asymmetry) 的情況而有不同程度的影響。方法上，本文藉由台灣地區商業銀行高頻率 (frequency) 之縱橫資料 (panel data) 作為研究對象，並採用Arellano and Bond (1991) 之一般動差估計法 (generalized method of moments) 進行實證分析。首先，探討貨幣政策對具有不同資產負債表特性 (包括資產大小及流動性強度) 之銀行是否具有分配效果，用以認定銀行信用管道 (bank lending channel) 存在與否。其次，探討緊縮性及寬鬆性貨幣政策對銀行借貸行為是否存在不一致性的影響，用以驗證貨幣政策之非對稱性效果。最後，探討貨幣政策之非對稱性與銀行信用分配之關聯性。實證結果顯示，台灣地區貨幣政策將會透過銀行借貸管道傳遞，且存在非對稱性；而其政策效果的大小端視銀行資產負債表特性而定。此結果不僅有助於瞭解台灣貨幣政策之傳遞機制，亦可做為未來政策制訂之參考。

This paper investigates whether distributional effect arising from the impact of monetary policy on bank credits will be different when monetary policy is asymmetric. Methodologically, we use a set of high frequency panel data for Taiwan commercial banks and adopt Arellano and Bond’s (1991) generalized method of moments approach to conduct our empirical analysis. First of all, we investigate whether there exist the distributional effects of monetary policy on bank lending behavior which is associated with bank balance sheet characteristics, such as asset size and liquidity strength. In other words, we can show the existence of bank lending channel. Secondly, we examine the differentials of bank credits in response to a contractionary policy and expansionary policy. We then can prove monetary policy is asymmetric. Lastly, we consider the link between the monetary policy asymmetry and the distributional effect of bank credits. Our empirical results find that the bank lending channel of monetary transmission is operative in Taiwan and that the degree of the asymmetric policy effect depends on the bank balance sheet characteristics. This study not merely contributes to understanding the monetary transmission mechanism in Taiwan, but also provides the reference for policy-making.