An Analysis Of The Impact Of Shadow Bank System On The Effectiveness Of China's Monetary Policy

In 2007,the United States led the developed countries in Europe and the United States broke out a subprime mortgage crisis,the rapid impact of the financial tsunami spread to the world,is the 20 th century,30 years since the most serious economic recession.The emergence and development of the shadow bank has become the fuse of the financial tsunami,although China does not have the true concept of the shadow bank concept,but a large number of foreign trade enterprises in China by varying degrees of impact,but also a large number of Foreign capital withdrawal phenomenon.Therefore,Chinese scholars and government officials have attached great importance to the impact of the subprime mortgage crisis.Monetary policy is a necessary regulatory tool for Central bank to develop and implement financial measures.Whether monetary policy is effective depends mainly on monetary policy tools,operational objectives,transmission mechanisms,intermediate objectives and the ultimate goal of the operation effect.The effect of monetary policy effect is directly related to the effect of central bank intervention and regulation of macroeconomy,but also the effect of operation target operation,but also the effect of transmission mechanism,but also the relationship between intermediate target and ultimate goal situation.Therefore,the central bank only to develop and implement effective monetary policy in order to achieve a stable and healthy and orderly operation of the national economy.However,the emergence and development of shadow banks make the effect of monetary policy implementation in China to a certain extent,while the middle of one of the target money supply statistical failure,which will affect the conduction mechanism of healthy and orderly operation,will also make domestic prices Level and economic growth fluctuating the situation,which will affect the effectiveness of monetary policy.Therefore,this paper chooses the influence of the shadow banking system on the effectiveness of China's monetary policy as a point of view,which will be an effective exploration and development of China's central bank to develop and implement effective monetary policy.And the stability of the financial system has important theoretical and practical significance.The main contents of this paper are divided into the following three aspects.Firstly,the background and significance of the topic are discussed and summarized.According to the research results of scholars at home and abroad,the literatures are classified and reviewed.This paper analyzes the theoretical and theoretical analysis from the five perspectives,and analyzes the characteristics of the theme,This paper expounds the theme of this paper,and uses the VAR model to carry out a series of empirical tests,because the central bank through the monetary policy control three financial instruments to achieve the ultimate goal of monetary policy(economic growth and price stability),but the central bank can not directly achieve the ultimate goal,And the degree of its realization is mainly through the intermediary index of money supply.Therefore,this paper chooses the influence of the variables of the shadow banking system on the three variables of money supply,economic growth and price level,so as to test the shadow bank System to our country The effect of monetary policy and the conclusion that with the emergence and development of shadow banks,China's money supply and inflation are showing great volatility,thus increasing the difficulty of central bank regulation;the same time,the shadow banking system May put a large amount of monetary funds raised to the higher income and higher risk of virtual economy or real estate industry,but China's manufacturing and other real economic development by less attention,it is easy to lead to market economy bubble burst Finally,this paper puts forward some suggestions on how to improve the monetary policy,and then puts forward that the shadow bank is a neutral concept.The central bank should try to try the financial system innovation,financial effective supervision and financial stability.The development of the three to find a best balance between,in order to ensure that they complement each other,each other constraints and standardized development.