基于动态随机一般均衡模型的我国影子银行研究

Study on China's Shadow Banking based on a DSGE Model

基于我国的经济特点,建立了一个商业银行与影子银行并存的动态随机一般均衡(DSGE)模型,并在此基础上研究了影子银行在外部冲击对经济体影响和传导过程中的作用。对冲击模拟的结果显示:影子银行在一定程度上降低了正向货币政策冲击的紧缩效果;影子银行对经济发展具有一定的积极作用,但同时也造成了风险的累积。

This paper has built up a DSGE model including both commercial banking system andshadow banking system,under which we discuss the effects of shadow banking system in the conductionof exogenous shocks.The simulation shows:(1)shadow banking system has weakened the effects ofmonetary policy;(2)shadow banking system has some positive effects on economic growth,but alsoincreases the default risk.