Abstract:
This paper investigates whether there are asymmetric effects between monetary policy, shadow banking and risk-taking in China. We find monetary policy does affect shadow banking's risk-taking asymmetrically, and the comovement between the tightening money supply and the low interest rate in the mid and long term strengthens the shadow banking's risk-taking.In addition, the investment of shadow banking system has changed in the field of the real estate, and the economic downturn will increase the risk clustering of shadow banking system.For policy,shadow banking can function efficiently by enhancing the interest rate mechanism, broadening the financing channels and building a comprehensive monitoring of the shadow banking platform.
胡利琴, 陈锐, 班若愚. 货币政策、影子银行发展与风险承担渠道的非对称效应分析[J]. 金融研究, 2016, 428(2): 154-162.
HU Liqin, CHEN Rui, BAN Ruoyu. Monetary Policy, Shadow Banking and Risk-taking in China: the Survey of Asymmetric Effects. Journal of Financial Research, 2016, 428(2): 154-162.
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