影子银行、信贷渠道与货币政策非对称效应  

Shadow Banking,Credit Channel and Asymmetric Effect of Monetary Policy

作　　者：毛泽盛[1] 许艳梅[2] 

机构地区：[1]南京财经大学金融学院,江苏南京210023 [2]南京师范大学商学院,江苏南京210023

出　　处：《财经论丛》2015年第3期39-47,共9页Collected Essays on Finance and Economics

基　　金：国家社会科学基金重大项目(12&ZD064);国家自然科学基金资助项目(71240009)

摘　　要：运用CC-LM模型和我国相关月度数据,从理论与实证两方面发现影子银行对货币政策均存在明显影响,且对紧缩性货币政策的影响大于扩张性货币政策。影子银行只是弱化了货币政策的非对称性效应,但并未从根本上消除货币政策的非对称性。This paper uses CC - LM model and Chinese monthly data from 2008 to 2013 to study how the shadow banking impacts monetary policy. It finds that the shadow banking has a significant effect on the monetary policy and a greater effect on the tightening monetary policy than on the expansionary monetary policy. The shadow banking only serves to weaken the asym- metric effect of monetary policy rather than eliminating it fundamentally.

关 键 词：影子银行 信贷渠道 货币政策非对称效应 弱化 

分 类 号：F820[经济管理—财政学]