Shadow Banking And Monetary Policy Transmission Variation

Whether monetary policy can guide the rational flow of funds and meet the development needs of the real economy depends on the unimpeded monetary policy transmission mechanism.Therefore,the issue of monetary policy transmission has always attracted much attention in academic circles.Due to the large size of my country’s economy,the price-based regulation and transformation of monetary policy requires the coordination of multiple institutions.In recent years,my country’s shadow banking business has developed rapidly,which not only provides new financing channels for enterprises,but also avoids financial supervision and accumulates Financial risks and the interaction of various factors make the transmission mechanism of my country’s monetary policy more complicated.Therefore,it is of practical significance to study whether the transmission channel of my country’s monetary policy exists and what effect the emergence and development of shadow banking has on the transmission mechanism of monetary policy.The article first briefly introduces the research background;then summarizes the relevant literature from the perspectives of monetary policy transmission,shadow banking,and property heterogeneity;then analyzes the structural differences in monetary policy.The reasons are analyzed;it focuses on the change of monetary policy transmission mechanism after the emergence of shadow banking,and empirically tests this change from the interest rate channel and credit channel based on theoretical basis,and compares it from the perspective of property heterogeneity,and further analyzes the geographical location of enterprises.The regional differences in monetary policy transmission are tested;finally,suggestions are made from three aspects:monetary authorities,government departments,and state-owned enterprise reform.The main conclusions of this paper are as follows:First,the structural differences in my country’s monetary policies do exist,and the reasons for such differences are the "priority preservation" orientation of tightening monetary policy and the differences in the availability of corporate financing;second,the development of shadow banking will Improve the degree of interest rate marketization,improve the interest rate transmission chain,and then strengthen the transmission effect of the tightening monetary policy.This strengthening is more obvious in non-state-owned enterprises;third,the development of shadow banking will have an alternative effect on bank credit,and its credit creation function complements currency.supply,which will reduce the dependence of enterprises on traditional credit and weaken the effect of monetary policy,and non-state-owned enterprises are more sensitive to this.The research in this paper is carried out at the micro-enterprise level,which is helpful for a deeper understanding of the micro-mechanism of monetary policy transmission and the pros and cons of the development of shadow banking on the financial market.The main innovations are:first,this paper analyzes the difference in the transmission of property rights heterogeneity in monetary policy from the perspectives of financing structure and financing cost;second,according to the transmission mechanism of "two market failures" in credit channels,it affects the credit channel of shadow banking.The two mechanism links of this paper are empirically tested;thirdly,the effect of monetary policy is studied from the perspective of micro-enterprises,so as to clarify the relationship between corporate behavior and monetary policy transmission,and provide empirical evidence for the research on the micro-level of monetary policy transmission mechanism.