摘要
近年来,我国资产管理业务快速发展,逐渐进入"大资管时代"。大资管的发展使中国式影子银行的特点逐步显现。本文对传统银行和影子银行的金融摩擦进行了深入刻画,并建立含有影子银行和传统银行二元金融结构的动态随机一般均衡模型。通过对我国影子银行的内在机制进行深入分析发现:影子银行形成的非正规金融市场使我国金融双轨制日趋显著。由于目前我国资产管理业务发展仍不规范,影子银行的金融摩擦高于传统银行。影子银行形成的非正规金融市场对货币政策的敏感性较低,在一定程度上削弱了价格型货币政策的传导效果。未来需进一步规范资产管理业务发展,完善我国影子银行体系。有一种理论认为,利率双轨制是利率市场化改革一个重要环节,依据本文结论,双轨制不利于建立有效的利率调控体系,下一步应加快利率双轨并轨,融合二元金融结构,进而加强货币政策的有效性。
As the rapid development of asset management business,China has gradually entered the"great asset management era".Meanwhile,Chinas shadow banking system has rapidly grown,which brought great challenges to the transmission of Chinas monetary policy.The paper established a DSGE model with financial friction to study the mechanism of shadow banking system.We find shadow banks have higher loan interest rates,which intensify the financial dual-track system in China.In addition,the loan ability of shadow banks is less sensitive to monetary policy,which weakens the transmission of monetary policy.In the future,it is necessary to standardize the development of asset management business and improve the shadow banking system so as to strengthen the effectiveness of monetary policy.
作者
温信祥
苏乃芳
WEN Xinxiang;SU Naifang(The People's Bank of China;Operations Office,Beijing,The People's Bank of China)
出处
《金融研究》
CSSCI
北大核心
2018年第10期38-54,共17页
Journal of Financial Research
关键词
资产管理业务
影子银行
金融摩擦
货币政策传导
Asset Management Business, Shadow Banking, Financial Friction, Monetary Policy
