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首页> 外文期刊>Journal of Financial Economic Policy >China's shadow banking sector: beneficial or harmful to economic growth?
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China's shadow banking sector: beneficial or harmful to economic growth?

机译：中国的影子银行业：对经济增长有利还是有害？

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摘要

Purpose - The purpose of this paper is to examine recent developments pertaining to China's shadow banking sector. Shadow banking has the potential not only to be a beneficial contributor to continued economic growth, but also to contribute to systematic instability if not properly monitored and regulated. An assessment is made in this paper as to whether shadow banking is beneficial or harmful to China's economic growth. Design/methodology/approach - The authors start with providing an overview of shadow banking from a global perspective, with information on its recent growth and importance in selected countries. The authors then focus directly on China's shadow banking sector, with information on the various entities and activities that comprise the sector. Specifically, the authors examine the interconnections between shadow banking and regular banking in China and the growth in shadow banking to overall economic growth, the growth in the money supply and the growth in commercial bank assets. Findings - Despite the wide range in the estimates, the trend in the size of shadow banking in China has been upward over the examined period. There are significant interconnections between the shadow banking sector and the commercial banking sector. Low deposit rate and high reserve requirement ratios have been the major factors driving its growth. Shadow banking has been a contributor, along with money growth, to economic growth. Practical implications - The authors argue that shadow banking may prove useful by diversifying China's financial sector and providing greater investments and savings opportunities to consumers and businesses throughout the country, if the risks of shadow banking are adequately monitored and controlled. Originality/value - To the authors' knowledge, this paper is among the few to systematically evaluate the influence of shadow banking on China's economic growth.
机译：目的-本文的目的是研究与中国影子银行业有关的最新发展。影子银行不仅有可能对持续的经济增长做出有益的贡献，而且如果不加以适当的监控和管理，还可能导致系统的不稳定。本文对影子银行对中国的经济增长是有利还是有害进行了评估。设计/方法/方法-作者首先从全球的角度概述了影子银行，并提供了有关其近期发展和在某些国家中重要性的信息。然后，作者直接关注中国的影子银行业，并获得构成该行业的各种实体和活动的信息。具体而言，作者考察了中国影子银行和常规银行之间的相互关系，以及影子银行对整体经济增长的增长，货币供应量的增长和商业银行资产的增长。调查结果-尽管估算范围很广，但在本报告所述期间，中国影子银行规模的趋势一直在上升。影子银行部门与商业银行部门之间存在着重要的联系。低存款利率和高准备金率一直是推动其增长的主要因素。影子银行与货币增长一样，也为经济增长做出了贡献。实际意义-作者认为，如果对影子银行的风险进行充分的监控和控制，影子银行可能会通过使中国金融业多元化并为全国范围内的消费者和企业提供更大的投资和储蓄机会而证明是有用的。原创性/价值-就作者所知，本文是为系统地评估影子银行业务对中国经济增长的影响的少数研究之一。

著录项

  • 来源
    《Journal of Financial Economic Policy》 |2015年第4期|421-445|共25页
  • 作者

    James R. Barth; Tong Li; Wen Shi; Pei Xu;

  • 作者单位

    College of Business, Auburn University, Auburn, Alabama, USA;

    FISC, Federal Reserve Bank of San Francisco, Los Angeles, California, USA;

    Department of Economics, Auburn University, Auburn, Alabama, USA;

    Aviation and Supply Chain Management Department, Auburn University, Auburn, Alabama, USA;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Banks; Financial markets and institutions;

    机译：银行;金融市场和机构;

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