金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2015年
5期
54~56
,共null页
张维 张华 张曦之 金昊天 罗洪伟 张捷 叶江丽 秦俊华 方旭辉
張維 張華 張晞之 金昊天 囉洪偉 張捷 葉江麗 秦俊華 方旭輝
장유 장화 장희지 금호천 라홍위 장첩 협강려 진준화 방욱휘
影子银行 货币政策传导机制 金融监管
影子銀行 貨幣政策傳導機製 金融鑑管
영자은행 화폐정책전도궤제 금융감관
financial shadow banking; monetary policy transmission mechanism;financial supervision
伴随着经济发展，非金融机构业务扩张，影子银行日益膨胀，游离在货币政策传导机制之外。影子银行拥有不完全信息高地优势，影响了信贷合约的性质，提高了非均衡配给的概率，使企业内源性融资和外源融资成本出现差异[1]。经济生活中出现的融资难、融资贵现象越演越烈，很有必要对货币政策工具、操作目标、中间目标及政策目标作一探讨。
伴隨著經濟髮展，非金融機構業務擴張，影子銀行日益膨脹，遊離在貨幣政策傳導機製之外。影子銀行擁有不完全信息高地優勢，影響瞭信貸閤約的性質，提高瞭非均衡配給的概率，使企業內源性融資和外源融資成本齣現差異[1]。經濟生活中齣現的融資難、融資貴現象越縯越烈，很有必要對貨幣政策工具、操作目標、中間目標及政策目標作一探討。
반수착경제발전，비금융궤구업무확장，영자은행일익팽창，유리재화폐정책전도궤제지외。영자은행옹유불완전신식고지우세，영향료신대합약적성질，제고료비균형배급적개솔，사기업내원성융자화외원융자성본출현차이[1]。경제생활중출현적융자난、융자귀현상월연월렬，흔유필요대화폐정책공구、조작목표、중간목표급정책목표작일탐토。
The shadow banking is increasingly expanding, free outside of the monetary policy transmis- sion mechanism, along with economic development, non-bank financial institutions business expan- sion. Shadow banks has heights advantage for incomplete information, affected the nature of credit con- tract, increased the probability of unbalanced distribution, make cost difference between the enterprise endogenous financing and external financing. The phenomenon of the financing inaccessible and unaf- fordable becomes more and more fierce, it is necessary to make a study on the monetary policy tools, op- erating target, intermediate target and the policy target.
