Reserch On The Impact Of Monetary Policy To Shadow Banking

Since the outbreak of the financial crisis in 2008,China's shadow banking has expanded expansively in recent years under the impact of monetary policy from loose to tight and the interest rate liberalization.According to data released by Moody,the scale of shadow banking in China has reached 65.6 trillion yuan by the end of 2017,accounting for 79.3%of the country's GDP.In January 2018,the China Banking Regulato-ry Commission promulgated the "Measures for the Administration of En-trusted Loans of Commercial Banks",indicating that it should strengthen the supervision of entrusted loans and other shadow banking operations to prevent the disconfirmation of funds to the false.The change of monetary policy will have an impact on shadow banking,and the expansion of shadow banking will also affect the effectiveness of monetary policy.Therefore,it is necessary to study how monetary policy affects shadow banking.Based on theoretical analysis,uses the annual data of 100 banks during the period from 2009 to 2017 and uses the systematic GMM regres-sion method for regression analysis to explore the impact of different types of monetary policy on shadow banking.In addition,consider whether the monetary policy "double rise" will strengthen the influence on shadow banking,draws the following conclusions:(1)The impact of monetary policy on shadow banking has a significant positive effect.Specifically,under the tightening monetary policy,both quantitative monetary policy and price monetary policy can stimulate the growth of shadow banking;(2)The comprehensive use of quantitative and price monetary policies can have a multiplier effect on shadow banking expansion.On this basis,based on the monetary policy impact on shadow banking is asymmetry,this paper further studies the impact of cyclical differences and regional differences on monetary policy and shadow bank-ing relations,and draws the following conclusions:(1)The impact of mon-etary policy on shadow banking has obvious periodic difference.The effect of tightening monetary policy on the scale expansion of shadow banking is stronger than that of loose monetary policy;(2)The sensitivity of shadow banking to monetary policy is characterized by diminishing characteristics in the eastern,central and western regions.This paper argues that we should understand and treat the develop-ment of shadow banking correctly,put shadow banking into the reference indicators of financial and economic regulation,and fully consider the monetary policy cycle and regional factors to guide shadow banking into the right track.The regulatory authorities should establish a shadow bank-ing monitoring system,implement penetrating supervision,enrich finance-ing channels and promote the development of financial diversification.