The Influence Of The China’s Shadow Banking System On The Transmission Of Monetary Policy

In order to coordinate monetary policy in our country,improve the efficiency of the transmission of monetary policy,strengthen the effect of monetary policy,and for the healthy development of the country’s economic and financial security,need for shadow banking and do some in-depth study of the relationship between the monetary policy transmission.Firstly summarizing the domestic and foreign classic overview of the definition of shadow banking system,and according to the angle of the classification of the state council document no.107 paper expounding the organization form of shadow banking in our country,analyzes the reason of the shadow banking system development in detail:a dual structure under the background of capital supply and demand imbalance is the root cause of the rapid development of the shadow banking;two "discretion" financial policy is reasons of the vigorous development of the shadow banking;three financial innovation is the direct cause of the development and prosperity of the shadow banking.Secondly,the theoretical analysis of the shadow banking system influence on monetary policy transmission,emphasis on shadow banking credit creation mechanism,by comparison with the shadow system of China and the United States,highlighting the characteristics of the shadow banking in China.Based on the unique credit creation of the shadow banking in our country,analysing the two transmission channels of monetary policy,(interest rate channel and credit channel),the influence of the monetary policy target,monetary policy tools.Again,in order to verify the qualitative analysis above,quantitative analysis using the VEC model,to measure the effectiveness of monetary policy,using four indicators CPI,money supply M2,interbank lending rates and the scale of the shadow banking system four indicators to build model,impulse response analysis and variance decomposition,drawwing the conclusion:the shadow banking system,expanding the money supply and also have certain influence on the intrest rate,through mediation target to interfere with the efficiency of monetary policy transmission.But it can be seen as the interest rate marketization process improvement,the effect on the interest rate changes will be more and more small with scale of shadow banking.According to the above research,put suggestions such as optimizing the efficiency of monetary policy transmission and guiding the healthy development of the shadow banking.Suggestions to optimize the efficiency of monetary policy transmission including deepening the reform of interest rate marketization,explore new monetary policy tools,such as SLQ,MLF,etc.Mainly focus on the healthy development of the shadow banking proposal to strengthen classified management,perfecting the relevant laws and regulations,promote the financial innovation.