Study On The Influence Of The Development Of Shadow Banking System On The Effectiveness Of Monetary Policy

China's shadow banking began to rise gradually after the financial crisis in 2008,and the scale of shadow banking has been continuously expanding.Because it has not been incorporated into the regulatory system,it has complicated the transmission mechanism of monetary policy,increased the risk of the financial system,and greatly reduced the effectiveness of monetary policy.Studying the principle and mechanism of the effect of shadow banking on the effectiveness of monetary policy is of great significance for strengthening the supervision of shadow banking and improving the effectiveness of monetary policy.This paper first analyzes the effect of shadow banking on the effectiveness of monetary policy,then selects data from 2008 to 2016,establishes a VAR model for empirical analysis,and proposes policy suggestions to strengthen the supervision of shadow banking and improve the effectiveness of monetary policy.First of all,this article elaborates the research background,significance,relevant domestic and foreign research status,research contents and methods,and summarizes the definitions of shadow banking based on the definition of shadow banking at home and abroad,and elaborates the relevant theories.It laid the theoretical foundation for follow-up research.Secondly,this paper analyzes the impact of shadow banking on the effectiveness of monetary policy from a theoretical perspective,introduces the scale and development of the main components of shadow banking,and the rapid development of shadow banking,and the rapid development of online loans.Then it analyzes the impact mechanism of shadow banking on the effectiveness of monetary policy from the three aspects of the transmission mechanism of monetary policy,intermediary goals,and ultimate goals,and finds that it reduces the measurability and controllability of intermediary targets,and The completion of real estate control objectives has an adverse effect.Thirdly,this paper constructs an index system to measure the effectiveness of monetary policy,establishes a VAR model with the scale of shadow banking,and studies the effect of shadow banking from an empirical perspective.The cointegration test and impulse response analysis were performed on the model to further study the influence anddirection of shadow banking on the measure of monetary policy effectiveness.Finally,based on the theoretical and empirical analysis results,the policy recommendations are proposed in terms of optimizing the monetary policy objectives and transmission mechanism and strengthening the shadow banking supervision.