影子银行对货币政策的影响

随着2007年全球金融危机爆发,学界和社会公众再度提高对金融监管与宏观货币政策的重视。影子银行是金融创新的产物,在给资本市场和产品市场带来活力的同时也使得人们更加关注影子银行对货币市场和货币政策的影响。本文基于信用与宏观经济学理论并利用中国化宏观数据进行论证,将市场利率划分为商业银行体系利率与影子银行体系利率并以贷款基准利率作为商业银行的总体利率,以一年期国债到期收益率作为影子银行利率,以市盈利率作为整个经济体系的实际利率,并利用线性回归给出三者间的关系。结果表明我国的影子银行在一定程度上可以起到降低社会总体融资成本、促进经济增长的作用,但也给物价和金融稳定施加一定的压力,在短期内会加快我国的货币流通速度,降低我国货币政策有效性。

The Impact of Shadow Banking on Monetary Policy

With the outbreak of the global financial crisis in 2007,the academic community and the public have once again increased their emphasis on financial regulation and macro monetary policy.Shadow banking is the product of financial innovation.While bringing vitality to capital markets and product markets,it also makes people pay more attention to the impact of shadow banking on money market and monetary policy.Based on the theory of credit and macroeconomics and using the macroscopic data of China,this paper divides the market interest rate into the interest rate of the commercial banking system and the interest rate of the shadow banking system and uses the benchmark interest rate of the loan as the overall interest rate of the commercial bank,which expires with the one-year government bond.The rate of return is used as the shadow bank interest rate,the market profit rate is taken as the actual interest rate of the entire economic system,and linear regression is used to give the relationship among the three.The results show that China's shadow banking can play a role in reducing the overall financing cost of society and promoting economic growth to a certain extent,but it also exerts certain pressure on price and financial stability,which will speed up China's currency circulation speed and reduce China in the short term.The effectiveness of monetary policy.