财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2015年
3期
39~47
,共null页
影子银行 信贷渠道 货币政策非对称效应 弱化
影子銀行 信貸渠道 貨幣政策非對稱效應 弱化
영자은행 신대거도 화폐정책비대칭효응 약화
shadow banking; credit channel; asymmetric effect of monetary policy; weaken
运用CC—LM模型和我国相关月度数据，从理论与实证两方面发现影子银行对货币政策均存在明显影响，且对紧缩性货币政策的影响大于扩张性货币政策。影子银行只是弱化了货币政策的非对称性效应，但并未从根本上消除货币政策的非对称性。
運用CC—LM模型和我國相關月度數據，從理論與實證兩方麵髮現影子銀行對貨幣政策均存在明顯影響，且對緊縮性貨幣政策的影響大于擴張性貨幣政策。影子銀行隻是弱化瞭貨幣政策的非對稱性效應，但併未從根本上消除貨幣政策的非對稱性。
운용CC—LM모형화아국상관월도수거，종이론여실증량방면발현영자은행대화폐정책균존재명현영향，차대긴축성화폐정책적영향대우확장성화폐정책。영자은행지시약화료화폐정책적비대칭성효응，단병미종근본상소제화폐정책적비대칭성。
This paper uses CC - LM model and Chinese monthly data from 2008 to 2013 to study how the shadow banking impacts monetary policy. It finds that the shadow banking has a significant effect on the monetary policy and a greater effect on the tightening monetary policy than on the expansionary monetary policy. The shadow banking only serves to weaken the asym- metric effect of monetary policy rather than eliminating it fundamentally.
