摘要
基于均衡信贷配给理论及影子银行体系,理论分析二元结构信贷配给下影子银行对货币政策实施效果的影响机理。选取我国2007—2015年的月度数据,运用结构向量自回归(SVAR)模型进行验证。研究发现,不同类型影子银行业务的流动性供给对商业银行主导的信贷配给有不同程度的弱化;扩张性货币政策下影子银行体系对经济有正效应,对扩张性货币政策实施效果起到正向促进作用;紧缩性货币政策下影子银行体系对经济的正向刺激作用显著,抑制紧缩性货币政策的实施效果。相比较于扩张性货币政策,紧缩性货币政策下影子银行体系对经济贡献度更高,对紧缩性货币政策实施效果的冲击更显著。
Based on the theory of equilibrium credit rationing and the shadow banking system,the paper theoretically analyzes the impact of the shadow banking system on the implementation of monetary policy. The paper uses the structural vector autoregressive( SVAR)model and verifies the impacts on account of monthly data of China from 2007 to 2015. The results show that the liquidity supply of different types of shadow banking weakens the credit rationing which is dominated by commercial banks in different degree.When the central bank adopts an easy monetary policy,the shadow banking system has a positive effect on the economy and plays a positive role in promoting the implementation of easy monetary policy. Moreover,the shadow banking system has a significant stimulus effect on the economy under tight monetary policy and significantly inhibits the implementation of tight monetary policy to the economy. Compared to easy monetary policy,the shadow banking system makes a higher contribution to the economy under tight monetary policy and has more significant impact on the implementation of tight monetary policy.
出处
《河海大学学报（哲学社会科学版）》
CSSCI
2017年第4期47-53,共7页
Journal of Hohai University：Philosophy and Social Sciences
基金
国家社会科学基金项目(15BJY053)
江苏省普通高校学术学位研究生科研创新计划项目(KYLX16_0672)
中央高校基本科研业务费项目(2016B46214
2015B28314)
