影子银行对货币政策的影响——基于内生货币理论视角

影子银行的迅速发展使其成为我国金融体系的重要组成部分,由于其具有一些与传统银行类似的功能,继而对我国货币政策调控的有效性提出了挑战;后凯恩斯货币理论认为货币本质上属于一种债权-债务关系,是非中性的交易媒介,而央行是否能够有效的控制货币供应量呢?本文基于内生货币理论的视角,重新诠释影子银行对我国货币政策的影响,以期对货币政策的制定提供有益借鉴。

The Impact of the Shadow Banking on Monetary Policy——Monetary theory perspective of endogenous

The rapid development of the shadow banking makes it an important part of our financial system, because it has some similar features with traditional banks, then the effectiveness of monetary policy challenges; Post Keynesian monetary theory that money is essentially is a form of debt - debt relations, non-neutral medium of exchange, and the central bank is able to effectively control the money supply it? Based on the theory of endogenous money perspective, re-interpretation of the impact of the shadow banking on China's monetary policy with a view to the formulation of monetary policy provide a useful reference.