| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23377 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w23377 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581051 |
| 推荐引用方式 GB/T 7714 | Kaiji Chen,Jue Ren,Tao Zha. The Nexus of Monetary Policy and Shadow Banking in China. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23377.pdf（2880KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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