| The outbreak of the financial crisis quickly gained the close attention and research of shadow banking.In our country,shadow banking has complemented the financing function of traditional commercial banks,showing great advantages in social financing and deeply transforming our financial system.However,the shadow banking system has brought great challenge to the stability of the financial system due to its shortcomings and insufficient supervision.Shadow banking will at the same time dim the level limit in the money supply,and will bring impact to the effect of monetary policy through the monetary policy transmission path,which will affect the steady growth of economy in our country.Based on this,it is necessary to study the influence of shadow banking on the transmission mechanism of monetary policy.In order to explore the shadow banking's influence on monetary policy transmission mechanism,this paper,according to the methods of generalizing and summarizing,literature researching and the combination of qualitative and quantitative analysis,chapter five parts to study the related issues to the discussion.Firstly,this paper clarifies the definition of shadow banking and the transmission mechanism of monetary policy,and clarifies the theoretical influence of shadow banking on the transmission mechanism of monetary policy,and the shadow banking was investigated in monetary policy transmission related variables(the intermediate goal and ultimate goal),and the shadow banking system has influenced on the credit transmission mechanism of monetary policy and monetary transmission mechanism.Secondly,the paper investigates the current situation of the development of the shadow banking system and the current situation of the development of monetary policy transmission mechanism: on the one hand,this paper expounds the size of the overall development as well as business type,and summarizes the characteristics of the shadow banking in our country;on the other hand,the types of monetary policy transmission mechanism are analyzed in detail.Then,the paper selects the typical variable indicators,based on the VAR model,the empirical test of how shadow banking affects monetary transmission mechanism and monetary transmission mechanism has been concluded as follows: the main transmission mechanism of monetary policy is banking credit transmission mechanism in our country,interest rate transmission mechanism is in a subordinate position but its influence is strengthening;Shadow banking has influence on monetary policy transmission mechanism by affecting the money supply and distorting the M2 statistical value.Shadow banking has an economic impact on both sides.In particular,for the bank credit transmission mechanism,shadow banking has enriched the financing channels,played some function of traditional banks,and impacted the bank credit transmission mechanism.For the interest rate transmission mechanism,the shadow banking in China has weakened the effect of the transmission mechanism of monetary policy rate to some extent,and the realistic situation deviates from the expected target.Shadow banking provides credit for small and medium-sized enterprises which can drive a economic growth,but due to its own shortcomings and low supervision,it easily causes systematic risk,which causes bad effects to the society economy and influences its development.These conclusions suggest that we should standardize the development of shadow banking and improve the transmission mechanism of monetary policy.Therefore,the paper throws out some suggestions in three aspects of improving government supervision degree on shadow banking,perfecting the monetary policy intermediary targets and optimizing of transmission channels to promote the development of shadow banking in the condition of the comprehensive regulatory and to upgrade the monetary policy transmission mechanism in China,realizing shadow banking could serve the economy better.The innovation of this paper is mainly two aspects: firstly,the research perspective is unique.At present the scholars mainly focus on the research on shadow banking problem such as the concept and classification of shadow banking,the shadow banking research on monetary policy transmission mechanism is deficient,so this paper deeply analyzes the shadow banking mechanism on the impact of monetary policy transmission mechanism.Secondly,the researchers mostly stay on the theoretical level,and the empirical investigation is less.Therefore,the paper focuses on the empirical analysis of how shadow banking influences monetary policy transmission mechanism by using VAR model. |
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