| With the acceleration of financial liberalization and monetary easing,the distribution channels of the central bank’s base currency have changed.Large commercial banks have natural advantages in terms of business outlets and brand image,while small and medixim-sized commercial banks.Based on the above background,some large commercial banks and general funds are playing the role of central banks to provide liquidity for small and medium-sized commercial banks.Large commercial banks not only have obvious advantages on the debt side,but also the new monetary policy instruments such as SLF,MLF and SLO established by the central bank,which are more advantageous to large commercial banks because they require collateral with sufficient liquidity.Under the premise that the liquidity of the two sides is obviously unbalanced,large commercial banks will "transport" the base currency to small and medium-sized commercial banks through interbank deposit receipts,and the shadow central bank will be produced.The purpose of this paper is to present the current phenomenon in the financial market,and through relevant research,to analyze the impact of the shadow central bank on financial stability,so that some ideas can be put forward for regulation.This paper will use literature research and empirical research methods to conduct research and analysis from the perspective of qualitative and quantitative.Through relevant literatures,we can understand the research results of shadow central bank and shadow banking in academia at home and abroad,and use this as a basis to qualitatively explain the current development situation,background and mechanism of the shadow central bank;further analyze the impact of the shadow central bank on the financial system.It mainly discusses the positive and negative effects of the shadow central bank from the aspects of monetary policy,macroeconomics,and financial development,and objectively evaluates the development of the shadow central bank.Thai,using the empirical research scheme,using appropriate models to analyze the impact of the development of the shadow central bank on the stability of the financial system from a quantitative perspective,as a basis for subsequent policy recommendations for the development and supervision of the shadow central bank.According to the research in this paper,the central bank as one of the core of a financial system,the objective existence of the shadow central bank is conducive to improving market vitality and solving capital needs,which can use the collateral such as national debt to control risk.But the shadow central bank also poses a certain threat to financial stability.The shadow central bank and the shadow banking system have affected traditional monetary credit creation,and put forward higher requirements for regulatory statistics and monitoring.At the same time,the new monetary creation system has reduced the efficiency of monetary policy and affected the effect of macroeconolic regulation.Secondly,On the one hand,the lengthening of the credit conduction chain has further increased the financing cost of the real economy,resulting in the loss of financial idling and the stagnation of funds;on the other hand,through layer-by-layer nesting and disguise,fumds eventually flow into real estate and infrastructure.The price of the securities market fluctuated drastically.Finally,the shadow central bank and the shadow banking system made the links of financial institutions closer,the correlation and cross-cutting were stronger,and the credit risk,liquidity risk,and maturity mismatch risk were more contagioxis.Wide,faster,and easily lead to systemic risks.Based on this,this paper puts forward four suggestions:first,construct a macro-prudential supervision framework under the coxmter-cyclical;second,focus on the security of systemically iIportant financial institutions;third,establish a sound information disclosure mechanism;fourth,correctly handle the relationship among financial innovation,development and regulation. |
PDF Full Text Request