The impact of shadow banking on the implementation of Chinese monetary policy

被引:15
作者
Gabrieli, Tommaso [1 ]
Pilbeam, Keith [2 ]
Shi, Bingxi [3 ]
机构
[1] UCL, Bartlett Sch Planning, London, England
[2] City Univ London, Dept Econ, London, England
[3] Fubon Bank China, Suzhou, Peoples R China
关键词
Shadow banking; Chinese economy; Monetary policy; E44; E50; G21; G23;
D O I
10.1007/s10368-017-0397-z
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper empirically analyses the relationship between the shadow banking system and implementation of monetary policy in China using the VECM methodology. We show that an increase in the size of shadow banking sector increases the independence of bank lending from the policies of the People Bank of China. We also find that Shadow Banking works in an asymmetric fashion in that it amplifies increases in the money supply but weakens the effects of restrictive interest rate-based monetary policy decisions.
引用
收藏
页码:429 / 447
页数:19
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