影子银行对货币政策的影响——基于内生货币理论视角

The Impact of the Shadow Banking on Monetary Policy——Monetary theory perspective of endogenous

影子银行的迅速发展使其成为我国金融体系的重要组成部分,由于其具有一些与传统银行类似的功能,继而对我国货币政策调控的有效性提出了挑战;后凯恩斯货币理论认为货币本质上属于一种债权-债务关系,是非中性的交易媒介,而央行是否能够有效的控制货币供应量呢?本文基于内生货币理论的视角,重新诠释影子银行对我国货币政策的影响,以期对货币政策的制定提供有益借鉴。

The rapid development of the shadow banking makes it an important part of our financial system,because it has some similar features with traditional banks,then the effectiveness of monetary policy challenges;Post Keynesian monetary theory that money is essentially is a form of debt-debt relations,non-neutral medium of exchange,and the central bank is able to effectively control the money supply it？Based on the theory of endogenous money perspective,re-interpretation of the impact of the shadow banking on China＇s monetary policy with a view to the formulation of monetary policy provide a useful reference.