Research On The Impact Of The Shadow Banking Effectiveness Of Monetary Policy

Monetary policy is one of the most important means of national macroeconomic regulation and control is the basic tool for a country’s policy to achieve economic growth, promote employment and maintain price stability objectives. As China’s financial market continues to develop, the shadow banking rapid development in China and formed a certain scale, changing the social financiers dependence on traditional commercial banks to meet the needs of the real economy, real money. At the same time, because of the shadow banking system drifted beyond traditional financial regulatory difficulties, its independent credit creation mechanism inevitably affect monetary policy, implementation and control effect. Therefore, this paper studies the impact of China’s shadow banking effectiveness of monetary policy in the title, in-depth analysis of the current development of the shadow banking and credit creation mode, theoretically elaborated shadow banking impact the effectiveness of monetary policy, which is perfect China’s monetary policy and the role of monetary policy to better effect has important theoretical and practical significance.This paper describes the theoretical and empirical research analyzes the impact of the two shadow banking effectiveness of monetary policy. Research mainly from the following aspects:First, the overall introduces this topic research background and significance, and summarizes the shadow banking system, the effectiveness of monetary policy and the shadow banking system impact on monetary policy related literature review. On the basis of related literature article research train of thought and method is proposed. Second, analyzing the development of the shadow banking system in our country, the domestic about the definition of shadow banking, and using the related data statistics to analyze the shadow banking system in our country the present scale of development in our country, finally elaborated the credit creation mode about the shadow banking system at home and abroad. Third, from the analysis to the theory of the shadow banking on monetary policy tools, mediation and control function and influence of target generated, and its influence on the transmission mechanism of monetary policy made a comprehensive description. Fourth, through selecting the corresponding data index, through the VAR model for empirical research. Results show that the shadow Banks accelerated the liquidity of money, increases the money supply in financial markets in the short run, lead to actual money supply increase. Under its influence, money supply volatility first, and then cause the rate of inflation and economic growth, dramatic changes. Fifth, according to the results, from the perfect our country monetary policy system and strengthen the regulation of the shadow banking two aspects put forward the corresponding policy recommendations.