影子银行对中国货币政策有效性的影响分析

Proceedings of the 2019 2nd International Conference on Education, Economics and Social Science (ICEESS 2019) Pub Date : 2019-10-01 DOI:10.2991/iceess-19.2019.33

Yun-dal Sun, Xiangyu Chen, Shaosong Wang

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摘要

影子银行经过十几年的发展，在中国已形成一定规模，在此期间，货币政策对市场经济的有效性也得到提升;同时，影子银行也带来了利与弊。本文通过对2007年1月至2018年9月141组月度数据的分析，探讨了货币政策的更好实施和中国影子银行管理的现状。研究发现，影子银行与货币政策短期内存在较强的负相关关系，但长期负相关关系较弱，且影响时间较长。Keywords-Shadow银行;货币政策;有效性;VAR模型

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Analysis on the Influence of Shadow Banking on the Effectiveness of China's Monetary Policy

After more than ten years of development, shadow banking has formed a certain scale in China, during this period, the effectiveness of monetary policy to the market economy also promoted; at the same time, the shadow banking has also caused both advantages and disadvantages. In this paper, we exam 141 sets of monthly data from January 2007 to September 2018 explore a better implementation of monetary policy and the status quo of China's shadow banking management. We find that shadow banking and monetary policy have a strong negative relationship in the short term, but the long-term negative correlation is weak but the impact time is long. Keywords—Shadow Banking; Monetary Policy; Effectiveness; VAR model

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Proceedings of the 2019 2nd International Conference on Education, Economics and Social Science (ICEESS 2019)

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