The Research Of The Monetary Policy Impact Caused By The Credit Innovation Of Shadow Banking

Since the outbreak of the financial crisis in 2008, shadow Banks become the focus of attention from all walks of life in the world. Shadow banks develop relatively late in our country, and has not yet form a unified and independent shadow banking system of commercial banks. With the stage of financial innovation of our country, the shadow banks have been developing rapidly, and have high leverage, high risk and low degree of regulation, and then the resulting financial risk has received consistent attention, especially the impact of monetary policy.Some characteristics of shadow banking system in the domestic and foreign scholars has reached a consensus. Because of the different economic forms, this system has different definition of shadow banking. The shadow banking system of our country is on a smaller scale and the lower level of asset securitization, so the financial risk is still in control. This paper compares the differences in the form of shadow banks in our country and abroad, and analyzes the shadow banking credit creation methods and the shadow banking to the impact of the various aspects of monetary policy.This paper, based on literature research and the reality, defines the scope of the shadow of the Banks in China, and use comparative analysis method to find out the differences of the concept and credit creation methods at home and abroad; Using the combination of qualitative analysis and quantitative analysis, analyzes the impact effect of shadow banking. Qualitative analysis is introduced in CC-LM model considering the influence of shadow banking on economic growth. Analysis of the shadow banking, LOANS to GDP, CPI and M2 four indicators.VAR model is used in quantitative analysis to avoid the "double counting".Through the qualitative and quantitative analysis, it is concluded that the shadow banking credit creation impact every aspect of monetary policy effect, and puts forward some countermeasures and suggestions according to the impact point. Strengthen the determination of the size of the shadow banking, regulation, reduce the shadow Banks on the impact of monetary policy is not controllable, and certainly the shadow banking to the promoting role of the market economy, and the application.