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The influence of shadow banking on monetary policy and economic growth

2019-01-16 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- The influence of shadow banking on monetary policy and economic growth,供大家参考学习,这篇论文讨论了影子银行对货币政策与经济增长的影响。影子银行影响了货币政策的传导机制,影子银行对货币供应量M2有显著的影响。另一方面,货币供应量对影子银行的影响也非常显著。从某种程度上来说,影子银行也进一步加快了利率市场化进程,同时也会对国家货币价值和国家颁布的货币政策产生非常重要的营销。

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In 2008, the global financial crisis caused by America subprime mortgage made shadow banking an important focus of regulators and investors around the world. In the same year, to cope with the economic crisis, the Chinese government introduced the economic stimulus policy of 4 trillion yuan, in order to cope with the export contraction caused by the global financial crisis and maintain the stable growth of the domestic economy. The loose monetary policy also expands the scale of shadow banking in China to some extent. As an informal and systematic financing method, although shadow banking can provide more channels for enterprise financing and accelerate the development of real economy, it also sows the seeds for the generation of systemic risk.

In developed economies, shadow banking is defined as "a non-banking financial institution originating from commercial Banks but not bound by commercial Banks and its financial business". Before the financial crisis broke out in 2008, shadow banking in the United States had three main characteristics: high leverage, high risk and global.

In view of the differences between China and the international financial market and their regulatory policies, the author believes that shadow banking is a financial institution that ACTS as a credit intermediary between capital demanders and capital suppliers and provides investment and financing arrangements for both sides besides traditional commercial Banks, with little or no supervision. At present, China's shadow banking mainly focuses on the following three areas: first, shadow banking can conduct private financing and lending, but it is not formal financial activities; Second, shadow banking is a non-bank financial institution or quasi-banking institution with similar banking functions, mainly including pawn shops, small loan companies, financial leasing companies, financial companies, etc. Third, shadow banking also includes the business of traditional commercial Banks, namely off-balance sheet related business of Banks.

The reason for the existence of shadow banking is the inevitable result of the development of market economy, which can be summarized as the following three factors:

Regulation and innovation are usually an interactive process. Innovation usually occurs where the regulation is too strict, and the corresponding regulation will be issued soon after the innovation occurs. The generation and development of shadow banking also apply to this rule. The existence of financial repression leads to the imbalance of market financing structure. In order to solve the financing demand and make up for the imbalance, shadow banking emerges at the right moment.

For a country like China, whose banking system is the foundation of its financial system, frequent and drastic policy changes will lead to increasingly difficult financing for enterprises, which have to resort to a series of other financial channels such as shadow banking to obtain financing, thus promoting the rapid development of shadow banking.

Since 1994, the state has reclassified the administrative and financial powers of the central and local governments, namely, the so-called tax distribution reform. This tax division leads to one result: the pressure of local government's fiscal budget increases rapidly, and the gap between fiscal revenue and expenditure increases unprecedentedly; And the central government's revenue keeps growing. So local governments have to find other sources of funding to fill the gap. In China, since local governments do not go bankrupt, there is an expectation or opportunism among them. In other words, local governments will not be tempted by the higher cost of financing their debts.

Shadow banking affects the transmission mechanism of monetary policy. Shadow banking has a significant impact on the money supply M2 and lasts for nearly one year. On the other hand, the impact of money supply on shadow banking is also very significant. By analyzing the above two aspects, it is not difficult to see that there is a very obvious interaction between shadow banking and money supply. To some extent, shadow banking also further accelerates the process of interest rate liberalization, and at the same time, it will generate very important marketing for the value of national currency and the monetary policy issued by the country. In addition, shadow banking also affects monetary policy intermediary indicators such as money supply, which makes it much more difficult for the central bank to carry out macro-control with the help of monetary policy tools.

In order to weaken the role of shadow banking and carry out macro-control, the central bank must start from the response function of monetary policy and modify the adjustment function to obtain more accurate monetary policy.

Otherwise, the central bank cannot control the country's economic growth and prices by regulating the money supply. With the continuous development and innovation of the financial industry, shadow banking has become inevitable. In view of this, people should have a correct understanding of shadow banking, not completely deny it, and at the same time, they should not let it go unchecked. They should do a good job in monitoring shadow banking and comprehensively prevent the risks it may bring.

In controlling shadow banking, the central bank should give priority to adjusting the market interest rate, and fully estimate the impact and effectiveness of interest rate in formulating regulatory policies.

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