摘要
当前,金融安全被提到无与伦比的高度,无疑向我国的影子银行体系敲响了警钟。本文采用VAR模型进行实证分析,经过脉冲响应函数图发现,影子银行对经济增长及物价水平有正向的冲击效应、对货币供给有负向的冲击效应。此外,结合脉冲响应函数图以及方差分解图发现我国影子银行具有很强的内生性,对货币政策指标的内生性影响较小但会增强这些指标的外生性,且影子银行对货币政策的影响具有很强的滞后性增加对货币政策影响的不确定性。
The end of April this year, the meeting of the Political Bureau, financial security is mentioned incomparable height, undoubtedly sounded the alarm to China＇s shadow banking system. This paper uses VAR model to do empirical analysis, and finds that shadow banking has a positive impact on economic growth and price level, and has a negative impact on money supply. In addition, combined with the impulse response function and variance decomposition map found that China＇s shadow banking has a strong endogeneity, endogeneity has little influence on the monetary policy indicators but will enhance the exogeneity of these targets, and the impact of shadow banking on monetary policy has a lag effect on increasing the uncertainty of monetary policy is very strong.
作者
李子耀
张小云
LI Ziyao;ZHANG Xiaoyun
出处
《吉林金融研究》
2017年第12期13-18,共6页
Journal of Jilin Financial Research
