Research On The Influence Of Shadow Bank On The Transmission Channels Of Central Bank's Monetary Policy

After the crisis of 2008,shadow banking was the driving force of this crisis,which naturally attracted extensive attention and discussion from scholars.It is difficult to be fully supervised by the national risk monitoring department,and therefore may lead to regulatory arbitrage and systemic risks.A report by the Financial Stability Board(FSB)in 2017 pointed out that China's shadow banking has achieved tremendous growth,and its scale has exceeded 7 trillion US dollars,accounting for 15 percent of the global shadow banking scale.The rapid development of China's shadow banking is staggering.It cannot be ignored that the advantages and disadvantages.It will also impact the transmission channels of China's monetary policy,and thus affect the effective implementation of China's monetary policy to a certain extent.This paper systematically studies the influence of shadow banking on the four major monetary policy transmission channelss,which has important theoretical value for deepening the understanding of the domestic shadow banking system and improving the theoretical framework of domestic monetary policy.In addition,studying the influence of shadow banking on the transmission channels of monetary policy can improve the effect of monetary policy implementation,and it has far-reaching practical significance for better serving the real economy.This paper extends the research perspective to the four channels of transmission channels,making the research perspective more systematic.After summarizing the domestic and foreign literatures such as shadow banking and monetary policy and transmission channels,it analyzes and studies from three aspects: current situation,theoretical analysis and empirical test.The first chapter is the introduction,expounding the research background,significance and domestic and foreign literature;the second chapter is the definition,composition and development of shadow banking in China;the third chapter carries out the theory and channels analysis,pointing out that the shadow is adjusted by short-term interest rate Space,impacting bank credit,affecting wealth status and affecting the frequency and size of foreign exchange inflows affecting the central bank's four major monetary policy transmission channelss have laid the foundation for later evidence.The fourth chapter conducts empirical research through VAR method.The empirical results show that Shadow banking will raise market interest rates,reduce the size of bank loans,push up stock prices,and lower exchange rates.It makes the controllability and measurability of monetary policy indicators lower,which has adverse effects on the exchange rate transmission channels,credit transmission channels,interest rate transmission channels and asset price transmission channels of monetary policy.The effect of monetary policy.In addition,under the influence of interaction,the money supply,interest rate transmission channels,asset price channels,exchange rate transmission channels and total target price level have an impact to offset the narrowing trend,while the credit transmission channels has a superimposed amplification trend;Based on the analysis results,it puts forward suggestions on perfecting China's monetary policy framework,Unblocked monetary policy transmission channels,strengthening China's shadow banking supervision,rationally guiding the development of shadow banking,and considering the monetary policy in the long-term and linkage.