The Study Of The Influence Of Shadow Bank On China's Monetary Policy Transmission Mechanism

Subprime mortgage crisis began in the United States quickly swept the world,making it a global financial crisis.Reflections on the formation of the crisis,more and more studies have shown that the outbreak of the crisis is inseparable with shadow banking system.But most of these studies take foreign shadow banking system as an example,and the research focuses on the credit creation of shadow banks and the risks and how to regulate them.China is a developing country whose shadow banks has its own characteristics and is different from developed countries.The existence and development of shadow banks will affect the transmission mechanism of monetary policy,and then interfere with the effective implementation of monetary policy.Therefore,it is of great practical significance to study the influence of shadow bank on the transmission mechanism of monetary policy in China and to the formulation and smooth implementation of monetary policy in China.This paper starts with the related theoretical research on the influence of shadow banks on monetary policy transmission mechanism.It points out that there are two ways to influence the mechanism of monetary policy in monetary policy,namely,credit transmission channel and interest rate transmission channel.the main body of China's shadow bank is attached to the commercial banks.And then summarizes the present situation of China's current shadow banks,and analyzes the aspects of China's monetary policy transmission mechanism.At present,the main channels of China's monetary policy transmission mechanism are credit transmission channels and interest rate transmission channels,credit transmission channels as the main body.Shadow banks can carry out credit creation,and thus have an impact on the monetary policy transmission mechanism.The results show that China's shadow bank credit function is more significant,has a certain impact on liquidity.Shadow banks will reduce the dependence on bank credit,which to some extent interfere with the credit transmission channels.The existence of shadow banks and the growing scale of development make the money supply statistics fail and interfere with the interest rate transmission mechanism of monetary policy.it also weaken the effectiveness of China's monetary policy.Based on this,this paper studies the influence of the VAR model on the basis of empirical method to test and analyze this effect.The empirical results show that the expansion of the shadow bank will weaken the monetary policy transmission and weaken the actual effect of the monetary policy by influencing the key credit and interest rate channel nodes to change and distort the monetary policy transmission function to a certain extent.In order to solve the above problems,the author finally put forward a series of targeted measures,including the re-adjustment of monetary policy tools to strengthen the supervision of the shadow bank to regulate its development and further deepen the interest rate market policy recommendations.