| After the US subprime mortgage crisis in 2008,the shadow banking as a new concept has attracted the attention of academic circles at home and abroad.Shadow banking refers to institutions and businesses similar to traditional commercial banks that are unregulated or less regulated.According to a report by the Financial Stability Board(FSB)in 2017,China's shadow banking sector has ballooned to more than $7 trillion,or 15 percent of the global shadow banking sector.Such a huge shadow banking at the same time of contribute to economic development,with its credit creation,impact on monetary policy transmission mechanism in our country,which affect the implementation of monetary policy in our country.Therefore,under the background of this study the effect of shadow banking in monetary policy transmission mechanism,improve the effect of the implementation of monetary policy,to better serve the real economy is of great significance.This article uses the literature research and the combination of qualitative and quantitative methods,based on summary of the shadow banking in China,shadow banking in China through two aspects of theory and empirical research on the influence of the monetary policy transmission mechanism,the relevant conclusion: shadow banking reduced monetary policy intermediate targets of measurability and controllability,weaken the credit transmission mechanism of monetary policies and the role of interest rates transmission mechanism.Finally,according to the result of theoretical and empirical analysis,from the perfect our country monetary policy framework,strengthen the supervision of China's shadow banking and reasonable guide the shadow banking development three aspects put forward relevant policy suggestions. |
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