影子银行对IS-LM模型的影响分析

Analysis of the Impact of Shadow Banking on IS-LM Model

影子银行对经济的影响具有两面性,积极一面是增加货币供给,降低资金成本,促进金融创新,消极一面是影子银行不在监管范围之内,加大了金融的系统性风险。在传统的IS-LM模型中加入影子银行的因素,分析影子银行的存在对IS-LM模型的影响,通过对比发现,由于影子银行的信用创造能力,使IS、LM曲线变得更加平缓,修正了IS-LM模型,增加了货币政策和财政政策的调控难度。为了规避影子银行的风险,应推进利率市场化改革,加大货币政策和财政政策的调控力度,把影子银行纳入监管范畴。

The influence of shadow banks on the economy has two sides; the positive side is an increase in the monetary supply, reduction of cost of capital, the promotion of financial innovation; the negative side is that the shadow banks is no longer subject to regulation, hence the systemic risk of the funds is increased. By adding the variable of shadow banking to traditional IS-LM model, this paper explores the influence of shadow banking on the IS-LM model; it has been found through comparison that because of credit creation ability of the shadow banking, the IS and LM Curve becomes milder; the IS-LM model is improved and difficulty in monetary and fiscal policy regulation has been increased. In order to avoid the risk of shadow banking, marketization of interest rate shall be promoted, monetary and fiscal policy regulation shall be strengthened and the shadow banking shall be subject to regulation.