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| Monetary Policy, Shadow Banking and Risk-taking in China: the Survey of Asymmetric Effects |
| HU Liqin, CHEN Rui, BAN Ruoyu
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| Economics and Management School, Wuhan University |
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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.
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Received: 09 July 2015
Published: 01 January 1900
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