The Nexus of Monetary Policy and Shadow Banking in China
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We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was inextricably linked to banks' balance-sheet risk and hampered the effectiveness of monetary policy on the banking system during the 2009-2015 period of monetary policy contractions. By
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美国国家经济研究局创建时间：
2017-05-01
