| After the international financial crisis in2008, the shadow banking system, being considered as an important driving force, aroused wide public attention. Shadow banking system is similar to the traditional commercial banks in the respect of credit creation, maturity transformation and liquidity transformation function. However shadow banking system is not included in the regulatory scope, it will not only promote the development of the financial system efficiency and vitality, but also increase systemic risk. The devastating impact of American subprime crisis reflects shadow banking system has tremendous influence on the financial system.Since the2008financial crisis shadow banking in China began to rise gradually. Quantitative contraction of monetary policy boosts the rapid expansion of the shadow banking system in2010. Compared with the shadow banks in western developed countries, which has higher leverage ratio, centering on securitization activities, china has imperfect financial market and lack of developed derivatives market. Although the conception of shadow bank is similar with foreign countries, China’s shadow banking is very different. The development of china’s shadow banking derives from continuously strict financial regulatory measures, for the purpose of chasing capital arbitrage. Shadow banking substitute and complement the original financing channel of traditional banks, fostering diversified financial market and promoting the reform of the financial system. However, because of the shadow banking system is not included in routine regulatory system, it may brought more challenges to further monetary policy.The development of shadow banking system has brought the "double‐edged sword" influence. It has inevitability and rationality but also contains a huge risk. By strengthen the comprehensive regulatory and supervision, monetary authorities should provide guidance, encouragement and proportion to the present shadow banking system. In line with the starting point of management risks, maintaining financial stability, regulatory department has issued a series of shadow banking regulatory policy, striving to guide the shadow banking system to establish a standardized and transparent development trend. However the pertinence, completeness and predictability of present regulatory policy remains to be improved.Many domestic institutions and scholars discuss about the definition of our shadow banking and its influence and risk. The existing research about the relation between the shadow banking and monetary policy transmission mostly study from the perspective of credit creation mechanism, rarely carrying out the empirical test. Based on the particularity of the shadow banking in China, this context aims to explore the development status of our shadow banking and its impact on the monetary policy, putting forward some feasible Suggestions. This article is divided into five parts, the first part introduce the background and significance of the research. The second part analysis the formation of the shadow banking system in our country, basing on the perspective of supply, demand and financial system. Meanwhile this part discuss the development status of shadow banking and the relationship with the traditional commercial bank. After detailedly review the theory of monetary policy transmission mechanism, he third part discusses the influence of shadow banks to monetary policy goals and monetary policy transmission mechanism. The fourth part select appropriate variables and data, basing on the influence of shadow banking to the monetary policy transmission mechanism, and build the VAR model for the purpose of empirical analyzing the pulse function and variance decomposition. The results show that the shadow banking system has the most significant impact on the credit channel and obviously promote substantial economy, however it only could slightly increase inflation in the long term. Finally, the fifth part put forward a series of proposal on regulatory suggestions. |
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