Research On Correlation Between Shadow Banking And Economy Development

Whether a country's financial can develop steady has a close relationship between the stability of the whole society.Shadow banking has quickly developed in recent years and it has a large extent influence on the financial system.On one hand,shadow banking brings necessary funds to the small and medium-sized enterprise,allocate resources,make a contribution to market economy.On the other hand,because of its high leverage and lack of regulation,shadow banking brings some trouble to the development of the economy.So the research on the influence of impact of economy has broad significance.However,scholars at home and abroad for he shadow banking research mostly focused on the impact on monetary policy and other macroeconomic issues,and empirical analysis of the influence on regional economic is relatively rare.This article firstly to the shadow banking and economic development in Tianjin region correlation has carried on the empirical analysis.Based on the economic data of Tianjin from 1991-2014,using VAR model,Granger causality test,Stationary test,impulse response and variance decomposition,we analyzed the relationship between the economic growth of Tianjin and shadow banking.Research shows that shadow banking and the economic growth of Tianjin have interactions.Shadow banking played a positive role in the economic growth of Tianjin early,but later it caused the obstacle to economic development.Shadow banking gradually exceeded the traditional labor factor,played a more important role in the development of the economy.The government should strengthen the guide of shadow banking,consummate relevant laws and promote the traditional financial support to SMEs,so as to reduce the risk of the shadow banking brings to the market.