| In recent years with the continuous financial innovation, a variety of products ofthe securitization and the financial derivatives emerge in an endless stream, shadowbanking as one of the representative products, it plays an important role in the wholeprocess of economic operation. On one hand, the development of the shadow banksincreased the liquidity in the financial system, has played the credit creation function;on the other hand, due to lack of supervision, the shadow banks brought great risks tofinancial stability. Many scholars study the shadow banking to explore the shadowbanking system’s effect on economic development and financial system. Therefore, therelationship between development of the shadow banks and monetary pathway has alsobecome the focus of scholars at home and abroad in recent years.Since the executive directors Mc Cully Pacific Investment Management Company(2007) first proposed the concept of "shadow banking", the official definition of themeaning and content of shadow banks, more and more domestic and foreign scholarsstudy the relationship between the monetary transmission channel and the shadow banks.Most scholars analysis the shadow banking system’s effect on the interest rate channelof monetary transmission, the credit channel, the asset price channel. They have madeactive exploration and accumulated a lot of literature. But the conclusions are notperfect. There are some limitations in the sample data selection, the variablesdetermination and model used.This paper on the basis of previous studies, based on domestic and foreign relevantresearch literatures, analyzes the influence the development of shadow banks on China’smonetary transmission channel. Because of the accuracy considering the selectedsample data, the final selection of the quarterly data from2009to2014as the object ofstudy. Among them, the research steps are mainly in the following three steps: First,select the size of the trust as a quantitative index of shadow banks, interbank interestrates as a measure of the interest rate channel, the bank loan as a measure of bank creditchannel; Second, according to Bernanke and Brin (1988) of the CC-LM model, buildthe VAR model. Third, according to the empirical results of the analysis, we study theshadow banks long-term impact on China’s monetary transmission channels of interestrate channel and credit channel and the short-term effect and draw the relevantconclusions. In this paper, through empirical analysis to verify the shadow banks have influenceon the transmission channels of monetary policy in China. In the short term, thedevelopment of shadow banks, the impact on the market interest rate is very sensitive,in the short term is a negative impact, but due to the market’s rapid reflect, in thesubsequent period of time the shadow banks showed a positive effect on the interest rate,and maximum positive effect in the third period, the shadow banking has a promotingeffect on the interest rate transmission channel; for bank credit channel, the effect ispositive, the shadow banks create liquidity and promote the expansion of bank credit.The theoretical significance of this article is: First, helps to reveal the theory ofChina’s shadow banks create the liquidity; Second, it is better to understand the liquiditywill contribute to the market rate and credit; Third, helps to reveal the mechanism of theshadow banks on China’s monetary policy pathway. And the practical significance ofthis paper is: First, to reveal the current status and trend of China’s shadow bankingdevelopment. at the same time, explain the shadow banks effect on interest rates, credit,asset prices, finally revealed the shadow banks to produce the mode and result ofChina’s monetary policy transmission. Second, this research will contributes to theunderstanding of the new situation of China’s financial risk, the early warning andprevention of financial risk has important application value, and put forward the policyrecommendations of the shadow banking supervision. |
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