The Influence Of Shadow Banking On The Transmission Mechanism Of Monetary Policy

After the 2008 financial crisis,the shadow bank was considered to be its incentive,which triggered the attention and analysis of researchers at home and abroad.In the past ten years,China’s financial environment has undergone profound changes,and shadow banking has played a key role in it.Before 2010,the scale of China’s shadow banking was below 8 trillion yuan.Since then,it has been experiencing explosive growth.In 2016,the scale of shadow banking was nearly 96 trillion,which is 1.28 times of the annual GDP.As of the end of 2017,the size of China’s shadow banking system flowing into the entity has reached 47 trillion yuan,and China’s shadow banking accounted for about 15%of the global shadow barking scale.What kind of impact does the shadow banking-specific credit creation mechanism have on the real economy,what role each regulator has played in this process,and what role monetary policy plays.In this paper,the influence of shadow baxking on the transmission mechanism of monetary policy is the main content.The research and development methods such as summary and theoretical analysis are used to discuss the development of the shadow banking system,and the shadow banking system is based on whether it is attached to the commercial barking system.On the basis of this,the paper introduces its credit creation function for the shadow barking system existing in the commercial banking system.Secondly,it discusses the relevant content of the monetary policy transmission mechanism,and theoretically discusses the influence of the shadow banking system on its various channels and nodes.The VAR model was established on the basis of theory,and the effect of the discussion discussed in the theoretical part was further verified from a quantitative perspective.Through the discussion of the shadow banking credit creation mechanism,it is concluded that shadow banking can expand the credit scale of commercial banks and create liquidity,thus affecting the measurability,correlation and controllability of M2,which makes the statistical value of M2.It cannot fully reflect the real money supply of the market,further affecting the two channels of the monetary policy transmission mechanism,the bank loan channel and the currency channel ultimately affect the ultimate goal of China’s monetary policy.For bank loan channels,shadow banking products and businesses have an alternative relationship with bank loans,expanding the credit scale of commercial banks;for currency channels,the yield of shadow banking products is usually higher,and its existence and development also promote The marketization of interest rates has increased the market’s sensitivity to interest rates.In addition,it is discussed that although shadow banking can inject liquidity into the market in a macro-tightening environment to alleviate the financing difficulties of some SMEs,and thus promote economic growth,this promotion is fragile.After a series of risk exposures,the national government has formulated a series of regulatory policies under the high attention of the shadow banking issue in the past decade.This paper divides the regulatory policies and operations in the past ten years into three stages,and time-by-time for each document.The ordering and sorting of related content is listed in the appendix.The key documents are used to discuss the implementation effect of the policy in the main text,and on this basis,the future monetary policy formulation is expected.Ouly by balancing financial innovation and the stability of the macro environment can we better promote the growth of the real economy.