Gabrieli, T;
Pilbeam, K;
Shi, B;
(2017)
The Impact of Shadow Banking on the Implementation of Chinese Monetary Policy.
International Economics and Economic Policy
, 15
(2)
pp. 429-447.
10.1007/s10368-017-0397-z.
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Abstract
This paper empirically analyses the relationship between the shadow banking system and implementation of monetary policy in China using the VECM methodology. We show that an increase in the size of shadow banking sector increases the independence of bank lending from the policies of the People Bank of China. We also find that Shadow Banking works in an asymmetric fashion in that it amplifies increases in the money supply but weakens the effects of restrictive interest rate-based monetary policy decisions.
| Type: | Article |
|---|---|
| Title: | The Impact of Shadow Banking on the Implementation of Chinese Monetary Policy |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1007/s10368-017-0397-z |
| Publisher version: | http://dx.doi.org/10.1007/s10368-017-0397-z |
| Language: | English |
| Additional information: | Copyright © The Author(s) 2017. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. |
| Keywords: | Shadow Banking, Chinese Economy, Monetary Policy |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1567350 |
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