影子银行体系与货币政策的有效性

由美国次贷危机引发的全球性金融危机使影子银行成为全球关注的焦点。影子银行体系是对传统银行体系的有益补充，使金融体系走向多元化和市场化。近年来，我国的影子银行规模逐渐增大，呈现爆发式增长。但是，影子银行使我国的货币政策有效性大打折扣，对我国金融体系的稳定性造成一定的冲击。为防范影子银行金融风险，我国应该完善监管体系；适当调整货币政策，增大货币供应量的监测范围；加强金融稳定性监测，建立风险应急机制；适当进行金融创新，积极推进利率市场化改革。

SHADOW BANKING SYSTEM AND EFFECTIVENESS OF MONETARY POLICY

The global financial crisis triggered by U. S. subprime mortgage crisis has made shadow banking become the focus of the whole world. Shadow banking system is a beneficial supplement to traditional banking system, accelerating the diversity and marketization of the financial system. In recent years, with its scale gradually increasing, banking with Chinese policy and had some shadow banking has presented an explosive growth in China. However, the shadow characteristics has considerably counteracted the effectiveness of our country＇ s monetary negative impact on the stability of our financial system. In order to prevent financial risks caused by shadow banking, China should perfect its regulation system and adjust its monetary policy. The scope of monitoring money supply should be appropriately extended, the monitoring of financial stability be en- hanced and risk emergency mechanism be established; financial innovation should be encouraged properly and market-oriented reforms of interest rate be promoted actively.