Research On The Impact Of The China's Shadow Banking To The Transmission Mechanism Of Monetary Policy

In recent years,due to the rapid development of Internet finance,shadow bank scale to further develop and grow,the impact of social economy more and more attention of the majority of scholars.Shadow Bank is a bank system that is parallel to traditional banks and lacks the necessary supervision.It has a function similar to that of traditional banks.The proportion of assets is increasing,which plays an increasingly important alternative and has a great impact on the financial structure.The Shadow Bank's own highly leveraged,time-mismatched features combined with regulatory oversight,making the effectiveness of monetary policy has been significantly affected the intensification of the difficulty of monetary policy formulation,leading to frequent changes in monetary policy.Although China's shadow banks appear relatively late compared with the developed countries,the scale is small,but it is developing rapidly and has its own characteristics.Can be divided into three categories: one is relying on the existence of traditional commercial banks,not credited to the commercial bank balance sheet,such as silver letter cooperation,entrusted loans,financial products;Second,the existence of private financial system,such as private lending,Underground banks,pawn,security,etc.;Third,the rapid development of Internet finance in recent years,relying on the network platform,Ali,ants and other gold clothes.In recent years,it has shown a burst of development,the development of China's monetary policy caused a lot of interference.On the basis of the above reality,this paper studies the influence of shadow bank on China's monetary policy mechanism,summarizes the research literature of scholars at home and abroad in recent years,draws lessons from its research ideas and methods,Principle,in accordance with the monetary policy transmission mechanism,from the channel,intermediary objectives and the ultimate goal of the analysis of the Internet,including the Internet financial examination,the study of shadow banks on China's monetary policy mechanism.It is found that under the current level of supervision,the existence of shadow banks will continue to interfere with the effective operation of monetary policy,through the interest rate,credit and other channels to create monetary intermediary targets,especially the volatility of money supply.The development of shadow banks,especially the flexibility of Internet finance,has led to the decline of cash in the hands of residents,the declining cash deposit ratio and the further inflow of demand deposits into the shadow banking system,resulting in a continuous increase in the ratio of regular and demand deposits.With the decrease of the cash deposit ratio,the proportion of the time deposit and the demand deposit increased,resulting in the widening of the broad money multiplier,which resulted in the significant increase of M2,which caused the bubble of real estate and asset market,increased the risk of the whole financial system and affected the price level and economic development.In view of the above findings,we have put forward the policy framework to improve the monetary policy and strengthen the macro and prudential supervision,and guide the development of the shadow bank.