The Nexus of Monetary Policy and Shadow Banking in China

被引：390

作者：

Chen, Kaiji ^{[1
,2
]}

Ren, Jue ^{[3
]}

Zha, Tao ^{[2
,4
,5
]}

机构：

[1] Emory Univ, Econ Dept, 1602 Fishburne Dr, Atlanta, GA 30322 USA

[2] Fed Reserve Bank Atlanta, 1000 Peachtree St NE, Atlanta, GA 30309 USA

[3] Texas Christian Univ, Neeley Sch Business, Dept Finance, Ft Worth, TX 76129 USA

[4] Emory Univ, Atlanta, GA 30322 USA

[5] NBER, Cambridge, MA 02138 USA

来源：

AMERICAN ECONOMIC REVIEW | 2018年 / 108卷 / 12期

基金：

美国国家科学基金会; 中国国家自然科学基金;

关键词：

SAY;

D O I：

10.1257/aer.20170133

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study how monetary policy in China influences banks' shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009-2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings.

引用

页码：3891 / 3936

页数：46

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