| We choose the narrowest caliber of Chinese shadow banking system,the bank and trust cooperation products,as the study object.We prove the influence that the products have on the effectiveness of credit transmission of monetary policy,analyze the mechanism and give some suggestions to improve the effectiveness of monetary policy.First of all,we go through the process of the game between the operation pattern of bank and trust cooperation products and regulatory measures in China to explain how the products become the representative of Chinese shadow banking from the aspect of operating and to find the defects of the current supervision.Then,we cut the process of credit transmission of monetary policy into three periods to explain the mechanism of the influence of bank and trust cooperation products on it.We put forward a hypothesis that bank and trust cooperation products have negative influence on the effectiveness of credit transmission of monetary policy.After that, we design an indicator called the interest rate elasticity of credit to reflect the effectiveness of credit transmission of monetary policy taking Xiang Yu and Zhu Haibo’s model of credit transmission of monetary policy as a reference.We build a VAR model on the elasticity and the distribution amount of bank and trust cooperation products and make an impulse response function to prove the hypothesis above.At last,we give some suggestions on how to improve the effectiveness of monetary policy from three aspects basing on the defects of current supervision we find above and the approach of the influence that bank and trust cooperation products have on credit transmission of monetary policy.We propose to improve the supervision system to reduce the interference of the products on the transmission of monetary policy,to optimize the credit transmission mechanism in order to keep the transmission channel open and to take some supporting measures. |
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