商业银行影子业务对货币政策传导机制的影响
首发时间:2018-05-24
摘要:本文以商业银行开展影子业务的视角,从货币政策传导机制理论入手,在界定"银行的影子"及商业银行影子业务相关概念的基础上,发现中国式影子银行与欧美影子银行相比存在一定程度的差异。中国的影子银行以商业银行为主导,"银行的影子"是中国影子银行的重要组成部分。基于19家上市商业银行2009年-2016年的数据,从银行微观视角进行实证研究,采用固定效应及2SLS模型,研究发现商业银行影子业务的发展弱化了货币政策效力,即货币政策信贷传导渠道因影子业务的干扰而不畅通。针对上述结果提出完善货币政策框架、加强对银行影子业务宏观审慎的监管、引导商业银行要循序渐进推动金融创新的建议。
关键词: 金融学 银行的影子 商业银行影子业务 货币政策传导 银行信贷
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The influence of the shadow business of commercial bank on the monetary policy transmission mechanism
Abstract:This paper takes the perspective of commercial banks do business of shadow, from the perspective of the theory of monetary policy transmission mechanism. Based on the definition of "Bank Shadow" and "Commercial Bank Shadow Business", there are some differences between China and the other Europe and America . Shadow banks of China are dominated by commercial banks, "Bank Shadow" is an important part of China. By using 19 commercial banks from 2009 to 2016, an empirical research from the bank micro-perspective using fixed effect and 2SLS model, the results show that the development of the commercial banks shadow business weaken the monetary policy effectiveness, namely monetary policy credit transmission channels due to the interference of shadow business is not smooth. Due to the above results, it is proposed to improve the monetary policy framework, strengthen the supervision of the macro-prudential supervision of the Bank Shadow business, and guide the commercial banks to promote the financial innovation step by step.
Keywords: Finance Bank Shadow commercial bank shadow business monetary policy transmission bank credit
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