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《Journal of Guizhou University of Commerce》 2017-01
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Study of the impact of Informal Finance on monetary policy

Zheng Hai-jun;School of Finance,Anhui University of Finance & Economics;  
Informal finance is a financial institution outside of supervision of China's financial system.With the development of the growing scale,its impact on China's monetary policy cannot be ignored.By reviewing relevant literatures about the informal finance's impact on our country's monetary policy,and using the combing method of theoretical and empirical analysis to analyze the influence mechanism of Informal Finance on current monetary policy.The study shows that the impact of the informal finance on monetary policy is increasing,and the effectiveness and controllability of monetary policy has been gradually weakened;Meanwhile,informal financehas a positive effect on money supply,the short-term impact is large and the effect lasts long.Based on the analysis,this paper puts forward relevant policies and recommendations.
【Key Words】: informal finance monetary policy impact exacerbate
【Fund】: 安徽财经大学研究生科研创新基金项目“非正规金融对货币政策冲击效应研究”(ACYC2016054)
【CateGory Index】: F822.0;F832.39
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