影子银行体系运作机制及其规模对我国经济的影响研究

发布时间：2019-04-02 06:07

【摘要】：2008年金融危机之后,影子银行体系开始成为国内外众多学者和研究机构的讨论焦点。由于世界各国在经济发展和金融体系的发达程度上有所不同,因此各方所讨论的影子银行体系也存在较大区别。美国的影子银行体系是一个完整的体系,该体系以资产证券化为核心,投资银行、结构型投资载体、货币市场基金等机构各司其责,相互配合,共同执行传统商业银行体系的信用中介功能。相较之下,我国的影子银行体系在缺乏相应金融制度和金融工具配合的条件下,是一个以商业银行为主导,信托、私募基金以及民间金融等部门为辅,相对而言并不完整的体系,其中银信合作是我国影子银行体系最典型的表现形式。尽管影子银行体系由于其不受监管的扩张模式在此次的金融危机中扮演了重要的角色,但在过去的30年中,影子银行体系对欧美等国的金融体系和经济发展都起到了极大的促进作用。在我国,影子银行体系的发展在本质是对经济体内部资金需要的响应,因此在风险可控的情况下,其发展在一定程度上有助于我国多元化金融体系的建设,提高经济运行效率,促进经济增长。影子银行体系除了其独特的运行机制外,它还具有独立于传统商业银行体系的信用创造能力。该能力使得影子银行体系的运作在一定程度上会影响到货币的供应量、货币政策工具的执行力度以及货币政策最终目标的有效实现。本文通过实证分析证实了影子银行规模的扩张会对货币供应量、通货膨胀率和经济增长率造成一定的冲击。
[Abstract]:After the financial crisis in 2008, shadow banking system has become the focus of discussion among many scholars and research institutions at home and abroad. Because of the difference in economic development and the degree of development of financial system in the world, the shadow banking system discussed by all parties also has a great difference. The shadow banking system in the United States is a complete system in which asset securitisation is the core, investment banks, structured investment vehicles, money market funds and other institutions are responsible for and cooperate with each other. Carry out the credit intermediary function of the traditional commercial banking system together. In contrast, China's shadow banking system, in the absence of corresponding financial systems and financial instruments, is dominated by commercial banks, supplemented by trusts, private equity funds and private finance. Relatively speaking, it is not a complete system, in which credit cooperation is the most typical form of shadow banking system in China. Although the shadow banking system has played an important role in the financial crisis because of its unregulated expansion model, over the past 30 years, Shadow banking system has played a great role in promoting the financial system and economic development in Europe and America. In China, the development of shadow banking system is in essence a response to the internal capital needs of an economy. Therefore, the development of shadow banking system is conducive to the construction of a diversified financial system in China to a certain extent and to a certain extent, to improve the efficiency of economic operation under the circumstances that the risks are controllable. Promote economic growth. In addition to its unique operating mechanism, shadow banking system also has credit creation ability independent of traditional commercial banking system. This ability makes the operation of shadow banking system affect the supply of money, the implementation of monetary policy tools and the effective realization of the ultimate goal of monetary policy to a certain extent. This paper proves that the expansion of shadow banking will have a certain impact on money supply, inflation rate and economic growth rate.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.3

【相似文献】