Research On The Influence Of Shadow Banking Monetary Policy Transmission Mechanism In China

Shadow banking emerged in the free financial environment of western developed countries.The outbreak of the financial crisis in 2008 aroused widespread concern to shadow banking at home and abroad.In recent years,the continuous accelerating financial innovation and the imperfect financial system is the premise for the rapid development of shadow banking in China.In the era of financial innovation,the development of shadow banking in China is different from the shadow banking system in western developed countries with asset-securitization as the core.As a supplementary to the traditional commercial banking in China,shadow banking is closely related to the traditional commercial banking.The development of shadow banking has promoted the continuous innovation of financial products in China,improved the efficiency of financial resource allocation and brought risks to China's financial system.The competition for credit with traditional commercial banking makes the intermediate target of money supply unreal,and results in the instability of the transmission mechanism of monetary policy,thus affecting the stability of China's financial economy.At present,the regulatory authorities emphasize the priority of the orderly resolution and response of "shadow banking" risks.Therefore,the in-depth study on the influence of shadow banking on the transmission mechanism of monetary policy,the improvement of the transmission efficiency of China's monetary policy,the enhancement of the supervision over shadow banking and the effective guidance of the reasonable development of shadow banking is of great significance to the effective implementation of monetary policy and the development of the real economy in China.This article combines the summarization method,qualitative analysis,quantitative analysis and other research methods,and firstly analyzes the overview of shadow banking in China.Secondly,it studies the influence of shadow banking on the transmission mechanism of monetary policy through qualitative and quantitative methods.Through the establishment of VAR model,the impact of shadow banking on monetary policy transmission mechanism in China was empirically studied by using impulse response analysis and variance decomposition method.At last,the article draws a conclusion: the development of shadow banking makes it more difficult to control the intermediary indicators of monetary policy,and meanwhile weakens the effect of the credit transmission mechanism of monetary policy and the transmission mechanism of interest rate in China.Finally,based on the results of qualitative and quantitative analysis,this paper proposes countermeasures and Suggestions from three perspectives: optimizing the monetary policy transmission mechanism,improving the controllability of monetary intermediary goals,and strengthening the supervision of shadow banking.