Author(s)

Mingzhen Lai

Corresponding Author

Mingzhen Lai

Abstract

In recent years, the number of shadow banking system in China has been increasing rapidly. As a quasi-banking system, it intersects with the credit intermediary function of traditional commercial banks. Therefore, the implementation effect of the monetary policy that mainly aimed at the traditional commercial banks is affected to a certain extent. This paper focuses on the impact of shadow banking system on monetary policy. It can be divided into the influence of shadow banking system on monetary policy instrument, the influence of shadow banking system on the intermediary target of monetary policy and the influence of shadow banking system on the ultimate target of monetary policy. The results show that the influence of shadow banks on monetary policy actually is comprehensive.

Keywords

Shadow banking system; Monetary policy; Money supply