The Influence Of Shadow Bank On The Stability Of Financial System

Shadow Bank is considered to be the reason for the financial crisis in 2007,and the shadow banking problem has become a hot topic in the academic and practical circles since the outbreak of the financial crisis.In recent years,China's financial environment changes,the degree of marketization of interest rates deepened,more and more financial innovation emergence,shadow banks are growing in size.Shadow banks in the proportion of social financing is growing.The status of shadow banks in the financial system is becoming increasingly important.Not only the shadow bank to a large extent make up for the traditional bank credit gap,but also rich investment financing,and promote financial innovation,while shadow bank violations are getting more and more popular.This suggests that the risk of shadow banking itself will affect the stability of the financial system,so we should focus on the impact of shadow banks on the stability of the financial system.European and American countries shadow bank related research results can refer to but can not be completely copied.Throughout the domestic shadow bank related paper,Most paper's research perspective is the impact of shadow banks on the macroeconomic,financial system stability,and the effectiveness of monetary policy on the overall size of the shadow.There are few papers combined with the financial system stability index calculation method and the VAR model to study the impact of different types of shadow banks on the stability of financial system.While this is a question that can not be ignored.Only by comparing the development trend and impact of different types of shadow banks on the stability of the financial system,can we find which one is the most important and seize the focus of shadow banking supervision.First of all,I refer to domestic and foreign papers,according to the definition and classification of shadow banking,selected three types of shadow banking business category.These three types of shadow banking have the following characteristics: the lager proportion of the total size,the more serious lack of supervision,the greater the potential risk,more prominent the impact on the stability of the financial systems,more accurate and available data and more research significance.Then I will collect and count the size of the three categories of shadow banks from 2002 to 2015.Then,from the perspective of financial.system stability theory.By using the financial system stability index calculation method,I select nine macro micro-financial system stability index.Through the use of computing functions of WPS form I calculated China's financial system stability index in nearly fourteen years.And then use Eviews8.0 software and VAR model to study the different types of shadow bank scale on the financial system stability index of different effects.Combined with the shadow bank and the financial system stability of the theoretical factors and empirical results we can find that different types of shadow banking have different effects on the stability of the financial system.Financial products accounted for a larger scale,and have the most prominent impact on the financial system,while trust loans and entrusted loans are not.Therefore,the regulatory authorities should focus on controlling the scale of financial products to expand,to prevent its scale beyond the reasonable level.At the same time,I also found that the stability of the financial system will in turn affect the size of the shadow bank.Because the factors that determine the overall indicators of financial system stability will have an impact on the size of the shadow bank.