بررسی تاثیر بانکداری سایه در اثربخشی سیاست پولی:شواهدی از برخی کشورهای G20

The Impact of Shadow Banking on the Effectiveness of Monetary Policy: Evidence from G20 Countries

Seyed Hossein Mirjalili, Mehran Zarei and Marzia Esfandiari

MPRA Paper from University Library of Munich, Germany

Abstract: Many researchers believe that the rapid growth of shadow banks is one of the main causes of the global financial crisis of 2007-2009. One of the consequences of the expansion of shadow banking is the reduction of the effectiveness of the monetary policy. As the volume of shadow banking activity increases, the monetary policy lending channel weakens, as the expansion of shadow banking lends offset the decline in traditional banking lending (in contractionary monetary policy) by shadow bank lending. This article examines this issue using data from 16 G20 member countries during 2002-2018. To do this, two models were specified and estimated by GMM and quantile regression. The results of both models confirm the research hypothesis and show that increasing shadow banking reduces the effectiveness of the monetary policy. The results of the GMM method in the first model show that the sign of the money growth rate is positive and the sign of the interaction variable is negative. It reflects shadow banking reduces the effectiveness of the monetary policy on GDP. The results of the Quantile method show that by moving from an economy based on traditional banking to an economy based on shadow banking, the effectiveness of monetary policy is diminishing.

Keywords: shadow banking; monetary policy effectiveness; money supply growth rate; inflation rate; G20 (search for similar items in EconPapers)
JEL-codes: E52 G21 (search for similar items in EconPapers)
Date: 2020-10-27, Revised 2021-05-17
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Published in Journal of Monetary and Banking Research 46.13(2021): pp. 733-765

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