【摘要】 为防范系统性风险,我国推出了宏观审慎政策工具,该工具在协同货币政策实施中对影子银行的传导通道效应有什么样的影响成为本文关注的焦点。通过观察影子银行信贷扩张的现实特征,基于2002年1月至2019年12月的样本数据,运用结构向量自回归(SVAR)模型,对比检验在有无宏观审慎工具协同情境下,影子银行对货币政策有效性的影响程度。研究发现,单独使用货币政策调控信贷时,影子银行信贷规模迅速扩张,致使央行统计的货币供应量与实际货币供应量出现较大偏离,降低了货币政策有效性;当宏观审慎政策工具协同货币政策工具使用时,影子银行信贷规模可以得到控制,并减少了对货币政策有效性的不利影响。更多还原

【Abstract】 China has introduced macro-prudential policy tool to guard against systemic risks. The article focuses on the impact on shadow banking’s transmission channel caused by the implementation of the policy tool and monetary policy. Based on the sample data from January 2002 to December 2019, two structural vector autoregressive(SVAR) models were established to compare the impact of shadow banking on the effectiveness of monetary policy with or without macro-prudential policy. The study found that when monetary policy is used alone to control credit, the scale of shadow banking credit expands rapidly,resulting in a large deviation between the money supply calculated by the central bank and the actual money supply, which reduces the effectiveness of monetary policy. When monetary policy and macro-prudential policy are used together, the scale of shadow banking credit is controlled and the negative impact on the effectiveness of monetary policy is reduced.更多还原