The Nexus of Monetary Policy and Shadow Banking in China

The Nexus of Monetary Policy and Shadow Banking in China

发布人:金钊
主题
The Nexus of Monetary Policy and Shadow Banking in China
活动时间
-
活动地址
中山大学中国转型与开放经济研究所
主讲人
汤颜菲 博士研究生
主持人
王曦 教授

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.