The Influence of Shadow Banking on China’s Monetary Policy Regulation System

An Empirical Analysis Based on Vector Autoregressive Model

DOI

10.2991/aebmr.k.201111.004How to use a DOI?

Keywords

shadow banking, monetary policy tools, monetary policy intermediary indicators, ultimate goal of monetary policy

Abstract

In recent years, the rapid development of shadow banking has affected the regulation and control of monetary policy, which has aroused widespread concern in academia and related regulatory authorities. This article selects the time series data from 2012 to 2019, and uses the Value-at-Risk (VAR) model to empirically analyze the impact of shadow banking on the monetary policy control system. The study found that changes in the size of shadow banking have caused changes in the size of credit, which has increased the amount of social money supplied, which has led to changes in the ultimate goal of monetary policy. To this end, this article makes recommendations from the perspective of monetary policy tools, monetary policy intermediary indicators, and the ultimate goal of monetary policy.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Wenyu He
PY  - 2020
DA  - 2020/11/13
TI  - The Influence of Shadow Banking on China’s Monetary Policy Regulation System
BT  - Proceedings of the 2020 International Conference on Management, Economy and Law (ICMEL 2020)
PB  - Atlantis Press
SP  - 17
EP  - 23
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201111.004
DO  - 10.2991/aebmr.k.201111.004
ID  - He2020
ER  -