The Nexus of Monetary Policy and Shadow Banking in China
研究中国货币政策如何影响银行影子业务，发现2009-2015年紧缩政策导致影子银行信贷快速上升，抵消传统贷款下降，削弱了货币政策对总信贷的效果。
We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings.