...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Pacific-Basin Finance Journal >Chinese shadow banking, financial regulation and effectiveness of monetary policy
【24h】

Chinese shadow banking, financial regulation and effectiveness of monetary policy

机译：中国影子银行，金融监管和货币政策有效性

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper studies the implications of the presence of shadow banking for economic activity and the effectiveness of monetary policy in China. To explore this topic, we develop a model of the Chinese economy using a DSGE framework that accommodates interacting traditional and shadow banks. China's two specific banking regulations, in the form of loan-to-deposit ratio (LDR) and loan quota, only applies to the traditional banks. Our estimates show that regulation shocks have been the major driver of China's rising shadow banking during 2009-2016. Shadow banking leads to a higher amount of credit in the economy by helping escape constraints from traditional intermediaries, however financial frictions in the shadow banking sector create a "dual financial acceleration" mechanism. We show how the presence of shadow banking negatively affects the transmission of monetary policy and the effectiveness of macroprudential policy. We also demonstrate that deleveraging policy, that has been implemented in China tightening shadow banking in the spirit of the "look-through", may have a contractionary impact on the economy. Efficient policy frontier analysis suggests that coordinating monetary policy and leverage ratio regulation would have helped stabilize the economy while reduce the share of shadow banking.
机译：本文研究影子银行的存在对经济活动的影响以及中国货币政策的有效性。为了探讨这一主题，我们使用DSGE框架开发了中国经济模型，该模型可容纳传统银行和影子银行之间的互动。中国的两项专门的银行规定，即贷存比和贷款额度，仅适用于传统银行。我们的估计表明，监管冲击一直是2009-2016年中国影子银行业务增长的主要驱动力。影子银行可以帮助摆脱传统中介机构的束缚，从而在经济中获得更高的信贷额度，但是影子银行部门的金融摩擦产生了“双重金融加速”机制。我们展示了影子银行的存在如何对货币政策的传导和宏观审慎政策的有效性产生负面影响。我们还证明，本着“透视”精神在中国实施的紧缩影子银行的去杠杆政策可能会对经济产生收缩性影响。有效的政策前沿分析表明，协调货币政策和杠杆比率监管将有助于稳定经济，同时减少影子银行的份额。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号