A Research About The Impact Of The New Type Shadow Banks On The Monetary Policy Under The Circumstance Of Internet Finance

Many scholars put few attention on the research of shadow banks until the US subprime mortgage crisis in 2007.Then many of them blame the shadow banks for its rapid growth.Paul Mcculley,the Executive Director of Pacific Investment Management Company brought up the concept of shadow banks firstly on the annual meeting of federal reserve and defined it as those financial institute who do not apply the supervision.As a big part of which do not comply to financial regulation,the shadow banks can have significant influence on the result of monetary policies.According to report of FSB(2015),the scale of shadow banks around the world have been increasing.All the shadow banks from 26 major economies around the world had totaled 36,000 billion dollars asset,and the shadow banks' asset had been taking more and more percentage of GDP.The development of the shadow banks in China is late but growing faster.According to Moody's,the shadow banks system of China growd 30% in 2015,totaled 53,000 billion yuan(about 8,100 billion dollars),which isabout 80% of China's economy.One of the reasons why the shadow banks in China had been growing so rapidly is that the burst of Internet Finance give birth to the “new shadow banks system”.At first wetry to conclude a concept of the “new shadow banks”,and elaborates the literature review of monetary policy in China's shadow banks.Then we analyzed the reasons why the new shadow banks were born,the main composition of them and the impact they can brought.Then we describe the characteristics of them,telling main difference between the new shadow banks and shadow banks.Based on the researches before.This paper tried to explain how the new shadow banks can affect the monetary policies regulating,then analyze this issue using the operational tools,Intermediate indicators and final indicators,combined with the hypothesis analysis.This paper chose the monthly data from January 2012 to December 2016,using the VAR model to find out whether the new shadow banks can affect the monetary policies regulating.We found that the new shadow banks in China can affect the monetary policies regulating in many ways: on one hand,the new shadow banks weakened the effectiveness of the open-market operations,affecting the accuracy of money statistics.and the new shadow bankshas an impact on economic development.At last,based on the results of empirical research and the development of the new shadow banks,this paper made suggestions: as the economy went into the new normal phase,the new shadow banks are becoming more prominent,the regulation should be enhanced,promoting the market-oriented interest rate system and accelerate the transforming of traditional banks,leading the traditional banks to embrace the chance to corporate with the new shadow banks.And the central bank should reconsider the Intermediate indicators,guiding the new shadow banks a healthy development.