| Since the outbreak of the global financial crisis, the shadow bank system has always been a focus issue. The shadow bank system of China has developed rapidly in recent years, and brought profound changes to China’s financial system. As the shadow bank and its development impact the transmission channels of monetary policy, it is an unprecedented challenge for monetary policy. Researching the influence of shadow bank system on monetary policy transmission channels has important theoretical and practical significance for the coordination of monetary policy, the improvement of monetary policy transmission efficiency, the effect of monetary policy, and the health economic and financial development of China.After a detailed analysis of the shadow banking system, this paper summarizes the operating characteristics of the shadow bank system of China and investigates the effects of shadow banking on the various monetary policy transmission-related variables, then analyses the effects of shadow banking on the credit and asset price channels of monetary policy transmission. Combined with the actual situation, this paper chooses the representative indicators of variables, and makes an empirical analysis of the effects of shadow banking on the credit and asset price channels of monetary policy transmission by VAR model using the monthly data from2000to2012. The results showed that shadow bank has a significant impact on monetary policy transmission channels, it mainly through impacts the investment spending and the money supply to affect the credit channel and through impacts the asset prices (mainly real estate prices) and money supply to affect the monetary policy transmission assets price channel. Finally, according to the empirical results, this paper makes several policy recommendations:timely adjust the monetary policy efforts and policy mix; pay close attention to the behavior that businesses put short-term funds into the asset markets, and make regulations and restrictions to regulate similar behavior, to prompt monetary policy to achieve the desired effect; monitor the scale and development of the shadow bank system to provide more comprehensive information for the macro-economic policy-making and regulation; under the premise of strengthening supervision, guide the healthy development of the shadow bank system to become a useful complement of the existing financial system. |
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