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来源类型Working Paper
规范类型报告
DOI10.3386/w23377
来源IDWorking Paper 23377
The Nexus of Monetary Policy and Shadow Banking in China
Kaiji Chen; Jue Ren; Tao Zha
发表日期2017-05-08
出版年2017
语种英语
摘要We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was inextricably linked to banks' balance-sheet risk and hampered the effectiveness of monetary policy on the banking system during the 2009-2015 period of monetary policy contractions. By constructing two micro datasets at the individual bank level, we substantiate this argument with three empirical findings: (1) in response to monetary policy tightening, nonstate banks actively engaged in intermediating shadow banking products; (2) these banks, in sharp contrast to state banks, brought shadow banking products onto the balance sheet via risky investments; (3) bank loans and risky investment assets in the banking system respond in opposite directions to monetary policy tightening, which makes monetary policy less effective. We build a theoretical framework to derive the above testable hypotheses and explore implications of the interaction between monetary and regulatory policies.
主题Macroeconomics ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URLhttps://www.nber.org/papers/w23377
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581051
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GB/T 7714
Kaiji Chen,Jue Ren,Tao Zha. The Nexus of Monetary Policy and Shadow Banking in China. 2017.
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