The impact of shadow banking on the implementation of Chinese monetary policy

被引：13

作者：

Gabrieli, Tommaso ^{[1
]}

Pilbeam, Keith ^{[2
]}

Shi, Bingxi ^{[3
]}

机构：

[1] UCL, Bartlett Sch Planning, London, England

[2] City Univ London, Dept Econ, London, England

[3] Fubon Bank China, Suzhou, Peoples R China

来源：

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY | 2018年 / 15卷 / 02期

关键词：

Shadow banking; Chinese economy; Monetary policy; E44; E50; G21; G23;

D O I：

10.1007/s10368-017-0397-z

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper empirically analyses the relationship between the shadow banking system and implementation of monetary policy in China using the VECM methodology. We show that an increase in the size of shadow banking sector increases the independence of bank lending from the policies of the People Bank of China. We also find that Shadow Banking works in an asymmetric fashion in that it amplifies increases in the money supply but weakens the effects of restrictive interest rate-based monetary policy decisions.

引用

页码：429 / 447

页数：19

共 50 条

[1] Chinese shadow banking, financial regulation and effectiveness of monetary policy
Yang, Liu
van Wijnbergen, S.
Qi, Xiaotong
Yi, Yuhuan
[J]. PACIFIC-BASIN FINANCE JOURNAL, 2019, 57
[2] Shadow banking, monetary policy and systemic risk
Gong, Xiao-Li
Xiong, Xiong
Zhang, Wei
[J]. APPLIED ECONOMICS, 2021, 53 (14) : 1672 - 1693
[3] The Nexus of Monetary Policy and Shadow Banking in China
Chen, Kaiji
Ren, Jue
Zha, Tao
[J]. AMERICAN ECONOMIC REVIEW, 2018, 108 (12): : 3891 - 3936
[4] Chinese monetary policy and the banking system
Berkelmans, Leon
Kelly, Gerard
Sadeghian, Dena
[J]. JOURNAL OF ASIAN ECONOMICS, 2016, 46 : 38 - 55
[5] Has monetary policy fueled the rise in shadow banking?
Hodula, Martin
Libich, Jan
[J]. ECONOMIC MODELLING, 2023, 123
[6] Regulatory arbitrage, shadow banking and monetary policy in China
Le, Vo Phuong Mai
Matthews, Kent
Meenagh, David
Minford, Patrick
Xiao, Zhiguo
[J]. JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2022, 80
[7] Examining the Link between Shadow Banking and Monetary Policy Development
Hodula, Martin
Sulganova, Monika
[J]. FINANCIAL MANAGEMENT OF FIRMS AND FINANCIAL INSTITUTIONS: 10TH INTERNATIONAL SCIENTIFIC CONFERENCE, PTS I-IV, 2015, : 368 - 376
[8] Do contractionary monetary policy shocks expand shadow banking?
Nelson, Benjamin
Pinter, Gabor
Theodoridis, Konstantinos
[J]. JOURNAL OF APPLIED ECONOMETRICS, 2018, 33 (02) : 198 - 211
[9] Shadow banking and the bank lending channel of monetary policy in China
Cheng, Xiaoqiang
Wang, Yabin
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2022, 128
[10] The role of monetary aggregates in Chinese monetary policy implementation
Chen, Yuanquan
Werner, Richard A.
[J]. JOURNAL OF THE ASIA PACIFIC ECONOMY, 2011, 16 (03) : 464 - 488

← 1 2 3 4 5 →