Research Of The Definition,Measurement And Influence Of Chinese Shadow Banks

After the financial crisis in 2008,shadow banks have become a hot issue in academic research.At the same time,the innovation and development of Chinese financial markets have led to the proportion of non-credit-related financing in the total size of social financing is growing,showed the shadow banks' characteristics as well.It can be seen that the shadow banks have gradually become an important force that affect the macroeconomics and micro-main activities.However,there is still no unified understanding of the definition,the composition,the influence and other aspects of the academic circles.So,this paper first summarizes the concept,the composition,the scale measure of the shadow banks and its impact on the monetary policy.Next,it analyzes the international profile,as well as the composition and the credit creation process of the American shadow banks.Then,it analyzes the scope,the scale and the credit creation process of Chinese shadow banks,and carries out a theoretical and empirical research on its influence on monetary policy.At last,it draws conclusions and make recommendations.This paper draws the following conclusions: First,from 2010 to 2014,the collect investment shadow bank is the main of global shadow banks and asset securitization credit intermediaries' scale has declined.In terms of the state,the American shadow bank is the largest in the global.While the Chinese shadow banks developed rapidly from a smaller base,and became the third largest country second only to the United States and Britain.At the same time,the bank's financial assets are still the main source of funding for world economic development and shadow banks' effect on the global financial and economic development is getting bigger and bigger.Second,Chinese shadow banks have not yet formed a financial network,need to rely on traditional commercial banks to achieve credit creation.Its credit creation model is mainly focuses on credit and equity financing,and has not yet entered the field of asset securitization.So the process is relatively simple.The currency it creates has a greater volatility and will have an impact on the effectiveness of monetary policy.Third,the empirical study found that shadow banks,money supply,loan interest rates and credit scale have long-term effects on the total output of the economy and the impact of each variable on output is immediate.The effect of shadow banks in output is longer,followed by the money supply,credit scale and loan interest rates.It indicates that Chinese shadow banks have become an important force affecting our economy.In addition,the contribution of each variable to the total output of the economy are different,the money supply has the greatest contribution to it,then is the shadow banks,followed by the loan interest rate and the credit scale.It shows that although the shadow banks can promote economic growth,it will cause short-term fluctuations in prices and affect the central bank's monetary policy operation.The innovations of this paper are in the following aspects: firstly,it compares the credit creation function of American shadow banks and Chinese shadow banks under the analysis of its international situation;secondly,it defines the Chinese shadow banks based on the background of our country's financial development;thirdly,it analyse Chinese shadow banks' impact on monetary policy.It has some academic value to understand the scope,the scale,the credit creation mechanism and the influence of shadow banks in our country.