后资管新规时代货币政策有效性研究——基于影子银行视角

Study on Monetary Policy Effectiveness in the Post Era of Asset Management Regulation--From the Perspective of Shadow Banking

本文旨在研究影子银行及其监管对货币政策有效性的影响,首先通过构建含有传统商业银行和影子银行部门的新凯恩斯DSGE模型,比较存在与不存在影子银行时价格型和数量型货币政策工具的调控效果;然后分析影子银行在三种规制政策下,价格型和数量型货币政策作用效果的变化。研究发现:(1)影子银行影响了货币政策调控功能的发挥,价格型货币政策工具所受影响更大;(2)对影子银行的三种监管措施均有助于提升货币政策有效性;(3)在严格限制下,紧缩性货币政策对于压缩影子银行规模也有效。相关政策启示是,为提高货币政策有效性,应疏通货币政策利率传导渠道,继续重视并化解影子银行风险,加强货币政策与宏观审慎政策“双支柱”调控。

This paper aims to explore the impact of shadow banking and its regulatory measures on the effectiveness of monetary policy.Firstly,the paper construct a new Keynesian DSGE model with traditional financial institutions and shadow banking sector to compare the regulatory effects of price-based and quantitative monetary policy instruments in the presence and absence of shadow banking.Secondly,the paper investigate the effect of two kinds of monetary policy under three scenarios of shadow banking regulation.Our Findings In this paper show that:(1)shadow banks have negative and asymmetric impacts on the effectiveness of monetary policy,and price-based monetary policy instruments are more affected;(2)all the three regulatory measures of shadow banking sector help to improve the effectiveness of monetary policy;(3)under strict regulations,austerity monetary policy is also effective in compressing shadow banking sector scale.Relevant policy implications are as follows:in order to improve the effectiveness of monetary policy,the interest rate transmission channel of monetary policy should be dredged,risks of shadow banking should continue to be attached importance to and resolved,and the“dual pillar”regulation of monetary policy and macro-prudential policy should be strengthened.