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

After 2008,China's shadow banking began to develop rapidly and its scale has expanded rapidly,which has already had a profound impact on China's financial system.As a credit intermediary parallel to commercial banks,Shadow Bank issues shadow banking products to evade financial supervision,which in turn affects the monetary policy transmission mechanism and ultimately affects the expected effect of monetary policy.As one of the policy instruments for regulating macroeconomics,monetary policy plays an increasingly important role in China.Whether the real economy can obtain corresponding support from the financial system or not depends on whether monetary policy is effective.As a channel linking monetary policy and the real economy,the monetary policy transmission mechanism undertakes the entire process from the initiation of monetary policy tools to the realization of the ultimate goal of monetary policy.The smooth flow of monetary policy transmission mechanism determines the effectiveness of monetary policy.Based on the research background,this paper analyzes the theoretical and practical significance of studying the influence of shadow banking on the transmission mechanism of monetary policy in the current financial environment,and explains the main contributions and inadequacies of this paper.Secondly,it summarizes the research results of domestic and foreign scholars from three aspects:shadow banking risk and regulatory challenges,shadow banking's influence on monetary policy and shadow banking's influence on monetary policy transmission mechanism.Thirdly,drawing on the different divisions of shadow banking concepts by different scholars at home and abroad,the definition of shadow banking is defined from the perspective of social financing scale.At the same time,it reviews the development history of China's shadow banking from the perspectives of funding sources,financing methods and investment targets of shadow banking,measures the specific scale of shadow banking,and summarizes the reasons and characteristics of the formation of shadow banking in China.Then theoretically analyze the role of shadow banking on China's interest rate transmission mechanism,credit transmission mechanism and asset price transmission mechanism,and then conduct empirical research through SVAR model.Finally,based on the empirical conclusions,we propose policy recommendations on the correct understanding of the role of shadow banking,standardizing the orderly development of shadow banking,improving the statistics of the intermediate targets of monetary policy,and smoothing the monetary policy transmission mechanism,and summarize the shortcomings and prospects of this paper.