影子银行的信用创造功能及其对货币政策的挑战

1 ᕅᄤ䫊㸠ⱘֵ⫼߯䗴ࡳ㛑ঞ݊ᇍ 䋻Ꮥᬓㄪⱘᣥ៬ ह Ϗc ๘ م� ďᄯڳఆ੖࿟໻ݪΛჿІ֝ഓēͺ࠸ 100800Đ ķ ྡྷc ࿤�ཝ� ᨬ��㽕 Ү˖ұڳޝࠡకฒݯ͵֟ྻࣿē࿵ᆐ࿟໻඘ຂԅཁമ֟Ⴚރୣ࿵ູюนӲ஍ඉৢ ԅఃԤܥඕd࠰ڕఢҮēҶڳઝෳຣပԅำ຤ࣿࢡēࢇӖϦדࡥຫဟ࿵ᆐ࿟໻඘ຂ֟Ⴚճࠡ కืՇۤࠡక޳ڕԅ࿵ູē۳౲ৢރ࿵ᆐ࿟໻඘ຂԅ໰ဈҗႏٟટރୣճݪΛჿІԅ࿵ູd ·ำࠒۦҮұڳޝࠡకฒݯ஍࿵ᆐ࿟໻඘ຂԅԥ໸ၮ໻੦಴ēᆂᄷҶୣ໰ဈҗႏԅ߸էē൰ ඉୣճݪΛჿІԅටႾēωԄѻయؤჿІߙ࿐d ݇䬂䆡˖࿵ᆐ࿟໻ĢݪΛჿІĢ໰ဈҗႏ -(/ ߚ㉏ো˖E42; E51; G20 � Үұڳޝࠡకฒݯ͵֟ྻࣿēْ࠘ࢗಳϢծֱ഑ࠡక޳ڕۤࠡక඘ຂԅઝ ၽ௬ສԉd࿵ᆐ࿟໻඘ຂ�6KDGRZ�%DQNLQJ�6\VWHP�ԅཁമ֟Ⴚރୣ࿵ູюนӲ ஍ඉৢԅఃԤܥඕd࠰ڕఢҮēҶڳઝෳຣပԅำ຤ࣿࢡēճ࿵ᆐ࿟໻ԅಇద ཙࡎܮϢտߎē֗யࢇӖϦדࡥຫဟ࿵ᆐ࿟໻඘ຂ֟ႺճࠡకืՇۤࠡక޳ڕ ԅ࿵ູē۳౲ৢރ࿵ᆐ࿟໻඘ຂԅ໰ဈҗႏٟટރୣճݪΛჿІԅ࿵ູdಹಬ ౨ē഻ᆂ࠭ભࣿࠡకҗ໭ԅཁਲ֟Ⴚēْ ᄵᄃ௪ܤСଶۤཥಓٝ࡮ЊѻϢோď෍ �ĐēၠࣿၠտԅڔԤߜୣೊนဎ࿵ᆐ࿟໻඘ຂҗႏԅqڜ࿌ঠՎ໿rԅပݯᆦ ԰㗙ㅔҟ˖ᴢ ⊶ˈ㒣⌢ᄺम຿ˈⷨおਬˈӏ㘠ѢЁ೑Ҏ⇥䫊㸠䋻ᏕᬓㄪѠৌDŽ ӡ ៜˈ㒣⌢ᄺम຿ˈࡃⷨおਬˈӏ㘠ѢЁ೑Ҏ⇥䫊㸠䋻ᏕᬓㄪѠৌDŽ ķ ॳ᭛䕑Ѣlj䞥㵡ⷨおNJ2011ᑈ 12ᳳDŽヨ㗙ᛳ䇶ܼ೑Ҏ໻䋶㒣ྨࡃЏӏྨਬਈᰧ♉ཇ຿ⱘᣛ⚍Ϣ䅼 䆎DŽᔧ✊ˈ᭛䋷㞾䋳ˈ᭛Ё㾖⚍ҙҷ㸼ヨ㗙ϾҎˈϡҷ㸼կ㘠ऩԡⱘᛣ㾕DŽ 2 юϦדēუಬޝ౨Ӗ׶෩ࣚॴҎහ࿉࿌౨ঠՎ໿ԅؠ઱d� ೒��㕢೑䆕ࠌ࣪ѻકⱘ㾘῵��ऩԡ˖��ғ㕢ܗ�� � ᆇॸࣿၗġ3DQDJHDV��.HGUDQ�*DUULVRQ��������q7KH�'HFOLQH�DQG�)DOO�RI�WKH�6 HFXULWL]DWLRQ�0DUNHWVr��-�3��0RUJDQ�5HSRUW�� � ࡬ٹസēဎْᄵཥಓСଶҗႏԅঠՎ໿ၟႽ௦௏ڜ࿌ঠՎ໿ԅ ��Čēนಷ ࠘ *'3 ᆙᄔԅ ���� ͿĢ֗ ڜ࿌ݪΛ 0� ࠧႽ௦௏ڜ࿌ঠՎ໿ԅ ��Čēนಷ࠘ *'3 ᆙᄔԅ ���� Ϳď෍ �ĐdҶݪΛჿІԅ߸էࣿࢡēუᄵڜ࿌ԅঠՎ໿ωϢಾᄯུ ࿟໻ટᄐࠄࣅᄥԅď%ROODUGē����ĐēୣճݪΛჿІԅसৢۤಬߌӛࣿॴ࡭Ӗට Ⴞd� ೒���ᇍܼ⧗ᑓН⌕ࡼᗻⱘԄㅫ� ᆇॸࣿၗ��%ROODUG��$ODQ��������q(DV\�0RQH\���*OREDO�/LTXLGLW\�DQG�,WV�,PS DFW�RQ�1HZ�=HDODQGr���%,6�5HYLHZ��1R����� � ࿵ᆐ࿟໻඘ຂރୣཥಓСଶҗႏٟટၽ๦ֺ֟Ӓڳޥྸ࠼ಥד֟Ӓdၽแ ڳēϦד໰෡सϭcᆇСᄃ௪ܤСଶྙ඘ຣॴ࿵ᆐ࿟໻ԅѺϤඋჸēუٓӲ஍แ 㾘῵䖙䗳ᠽ໻ Ⴝಷ࠘ *'3 ԅ ���Č� ႽঠՎ໿ԅ ��Č� ႽঠՎ໿ԅ ��Č� ႽঠՎ໿ԅ ��Č�Ⴝಷ࠘ *'3 ԅ ���Č� ႽঠՎ໿ԅ �Č� Ⴝಷ࠘ *'3 ԅ ���Č� Ⴝಷ࠘ *'3 ԅ �Č� ཥಓСଶď'HULYDWLYHVĐ� ᄃ௪ܤႯ๠�6HFXULWLVHG�'HEW� ڜ࿌ݪΛ�%URDG�0RQH\�� غટݪΛ�3RZHU�0RQH\�� 3 ڳݪΛჿІԅᄥՇۤᄓ໻ྸ࠼ӛࣿॴྡྷ໔໭ԅටႾd·ำࠒۦҮұڳޝࠡకฒݯ ஍࿵ᆐ࿟໻඘ຂԅԥ໸ၮ໻੦಴ēᆂᄷҶୣ໰ဈҗႏԅ߸էē൰ඉୣճݪΛჿІ ԅටႾēωԄѻయؤჿІߙ࿐d� � ֝c ࿵ᆐ࿟໻ԅݮ·ؠ઱ۤၮ໻උჸ� � ࿵ᆐ࿟໻ԅؠ઱ᆫႊဎਥڳ൞଼ོ෇ᆇڕस٤ഓᄓ໻Ռಹ৺࢕ॆဟ����ભ ၽਥ॓҅ԅભէݖ࿐౨ඔѻēᅖྑᄗԅಾဓशဟࠡక޳ڕ඘ຂᄍෳԅcူҎහc ჾڟcࠄ೓ུ໻ԉ޳ڕԅ౥ྜ࿟໻ຂහອճ࿫ԅࠡకݯٲdҮ܊ē؞ؠ઱΄ڜַ ϰဈēْ ࠘ճ࿵ᆐ࿟໻ပᆂ༘տৢ೭ēӬᄠࠢఏ௬֣௦ੋۤ௣ฏԅ࠺௲Շ࿌d���� ભēຣఉਥϭЩďನఉે॓҅໻ЩĐآඋઌඔѻēҎහ࿟໻ຂහᄍෳӉၽqׄ࿟ ໻rၮ࿯ԅకᆇ̝૦ē൐ыᄍนq଼໻࿟໻ຂහr��3DUDOOHO�%DQNLQJ�6\VWHP�ē ؞ຂහᄯԅׄ࿟໻ݯٲॆဈի୙కᆇᆇࠡٳ৹Ӗ२غפຢcԎঠՎ໿ԅЩ୙ᆇ СdҮ܊ē�q଼໻࿟໻rШШ΄ᆴน࿵ᆐ࿟໻ԅιыdેၟӖ༰঺οત߽೑ఊ นē࿵ᆐ࿟໻඘ຂͧࣳᄃ௪࠼ޠᆑ࿯౥cճѪݮࠡcഒఆڂ·ނූcࠒٲ෇ᆇٝ ࡮ۤ௛ԁcݪΛೇЦݮࠡྻރׄ࿟໻ԗགྷӞࣛݯٲď঺Αતē����ĐdڳޝݪΛ ݮࠡᆦᄎၽ����ભ��ၥךԅ௦௏ࠡకืՇͱفᄯē೎ұඔѻqᅹďफĐ࿟໻rԅ ؠ઱ēუူ࿵ᆐ࿟໻඘ຂc଼໻࿟໻ຂහಾफഛԅؠ઱dᄔԄྡྷඔԅಾēҶં஍ ୔βԅसࠓࣿࢡē࿵ᆐ࿟໻ԅઝۄϢӦᄗ࡮΁՟ो֥ఆᆇٌԅࠡకݯٲēܮۄآ ْᄵफഛݧ඙ӝҎහ࿟໻ԅྜ๠Ϧਪݧࠡకٝ࡮d� ࿵ᆐ࿟໻඘ຂူ౥ྜ࿟໻඘ຂྡྷྂēߜ௦ಀݖԅ༙҅რۤ࠙ࣛఆ॓ຂ୯ࣿē Ӭֺ಴Ϣලဟ౥ྜ࿟໻ԅ๫ೌӉࣛkkׂ֟Ӟࣛݯᄥē֗ ಾྻူຣӝࠡకೇЦ॓ ຂׄШࠥੁԅْᄵࠡకٝ࡮ԅ໹಴ѻຣďᄻऽ଻ē����ĐdҶၮ໻ݯᄥ౨ࢡē࿵ ᆐ࿟໻඘ຂШШಾྻसϭСଶӝसఆԅ߸ౄࠩ໻కᆇۤ෇ᆇݣՎēྻ ׄҎහԅֺ 4 ಴ࠩదॴ໰ӞೇЦd࡮඘֗ཝē࿵ᆐࠩద໰ӞೇЦԅֺ಴ͧࣳġԛྡྷēٳ৹ωࠄ ೌ౥ྜ࿟໻ԅӞࣛᆇСͧēћပЩ୙໰ဈᆇСݧრߜୣࠩ໻ࠒٲᆦۦē֟ ໻ྻ؞ ᆇСนݮ҄ԅᄃ௪ܤСଶĢԛ֝ēน౥ྜ࿟໻ඔ٢໰ဈดၟפຢٝ࡮ఢ໰ဈดၟ ܚܰ�&'6�ēωюน౥ྜ࿟໻ԅ߬྾ճ್ֺēҶ֗ߜᆑಆԅᆇСؕႯζူ໰ဈೇ Цࠥੁ॓ຂĢԛసēඹڶ֟໻ْᄵ໹಴ԅ໰෡सϭСଶďैఢݪΛೇЦ٫ලݮࠡĐ דঠ༙҅ᆇࠡēωဈ੿ނԅᆇࠡࣿٳ৹ْᄵ໰ဈԉމԅᄃ௪ܤСଶēݧဈࣿඔ٢ ٓݍٳ߬྾ԅᆇࠡ༓ௐֺď࿟໻Đ޷ࠄน୲ྜӞࣛకᆇdᆙᄍē࿵ᆐ࿟໻ࢶྻೊ ᆴူҎහ౥ྜ࿟໻଼໻ၮ໻ԅྡྷّ໰ဈҗႏ඘ຂēШШဓशဟࠡక޳ڕۤݪΛჿ ІԅᄐࠄԸࣅᄍෳd*RUWRQ�DQG�0HWULFNď����Đఊนē࿵ᆐ࿟໻඘ຂԅసົۢ ໯ᄥէಾݪΛೇЦ٫ලݮࠡď000)Đճ༙҅ᆇࠡԅדঠcᆇСᄃ௪ܤߜ࿟໻ᆇС ྭӾζෳcݍٳ໘࿐ರᄃ௪ܤСଶюนྡྷᄵqݪΛrdΓრఊนē౨೭ᄥէ՛ྦྷ ऀဟຣӝ୅С֥ճݍٳ໘࿐ԅඋ೙Ӡျēუᄵඋ೙ӠျರԄᄃ௪ܤСଶюนྡྷᄵ qഒఆᄥႏԅݪΛrd� ೒���Ӵ㒳ଚϮ䫊㸠ⱘ㸼ݙ㵡䌘῵ᓣ� � � � � � � � � � � � � � � � � � � � ᄬℒҎ 䫊㸠 ׳ℒҎ ᳝ ֱ 䰽 ⱘ ټ 㪘 䌋 ℒ 䌘 䞥 $ 䌘 䞥 $ A B 5 � ࡮඘ԙēճဟঌ೒෇ᆇრ֗ཝēӉࣛͬຢટ݈֟۳ۚԅᆴဈď෍�ĐēӬ௯ٓ ࿺ပӖڟ੦ᆇСԅݯٲӛࣿටႾĸ � � � � � � � � � � � dၽਥڳဎဟӉࣛͬຢပ��ฃਥ၍ԅ౨ຫēᅍ ఢཱྀचݮࠡc٫ලݮࠡcᄼोݧೇोԉຣࠡؖဥԅׄࠡక٤ഓਠပఘ྾ࠩదԅ̝ ௦cೌ ࿍໿ԅի୙෇ᆇ௛ԁdࠓࢅუྡྷูඕԅֺ֥࡜ಾඹڶ࿵ᆐ࿟໻ԅζෳ࠙Ӟ ֺ಴ď෍�Đd� ೒ ���ᕅᄤ䫊㸠ⱘ㸼໪㵡䌘῵ᓣ� ෍�ᄯԅϤᅇ�फഛဟ෍�ԅϤᅇ$ēӬပྡྷᄷྑ௕ιdၽ෍�Ҏහԅ࿟໻඘ຂ ᄯēӉࣛဎჿ؉ѕӤͬຢd෍�ᄯϤᅇ�นॴಬຣफഛԅͬܙēݯٲ෇ᆇრҶ࿟໻ ݦԄԗགྷଶdಬޝЀᆴᄯēუᄵӉࣛkkԗགྷ߬྾ϰ௜ݍٳ໘࿐ԅ໹಴ġΑఢē ӉࣛრӉॴ�;ēωྻԗགྷଶԅ໹಴ݦԄೇޮน�;ԅᆇСĢ࿟໻ල࿉ྡྷխನ޷܊ྻ �<ݍٳ؞ᆇСdď<�;Đ�;ԅΑ৑ыนqݍٳ৑rēफഛဟ࿟໻Ӊࣛԅॆ৑dඹШ ெࣣēӉࣛԅޮᄔ໌ဟԗགྷଶԅޮᄔē०რᄍЕыนqნࣈďKDLUFXWĐrd ఢै ē ఢڴ੶ᆇСԅೇЦޮٌน�����࿟໻ྻ���৻Եωѕ૖ྻ���ԅޮٌݍٳēઊਙݍ ĸ 䆺㾕 Gorton and Metrick˄2010 DŽ˅ 䆕ࠌ࣪ ⱘ؎ࠌ 䌘䞥$ 䆕ࠌ࣪ 䫊㸠 ׳ℒҎ 䌋 ℒ 䌋 ℒ 䌘 䞥 $ 䌘 䞥 $ 䋻ᏕᏖഎ݅ৠ෎䞥˄ঞ ݊ᅗᴎᵘᡩ䌘㗙˅ 䳊ଂᡩ䌘㗙 䆕 ࠌ ࣪ ⱘ ؎ ࠌ 䌘䞥$ ᢉᢐ˄ ৿䆕ࠌ ࣪ⱘ؎ࠌ˅ 䌘 䞥 $ 㙵 ӑ 1 2 3 4 6 ٳॆ৑น���ď ��������Đ�ნࣈน���ď����������Đdఢڴ࿟໻Ӿ୙ดၟϢᄓ ໻ݍٳēઊਙ෇ᆇრߜͬঝԗགྷᆇСdၽਥڳēݍٳಾੇဟ୅Сԅྡྷ͎ё༝ēϢ ೓ᄥဟqᆑՎͬঝڟ႕ďDXWRPDWLF�VWD\�UXOHĐrdყჾߜకᆇྭᄠ࿟໻ζෳԅ ಾϤᅇ�ēӞࣛ΄ࡪނ୯ࣿω΄ᄃ௪ܤdᄃ௪ܤԅСଶݧಾ΄ݯٲ෇ᆇრᄐࠄٳ ৹ēݧಾ΄ဈဟϤᅇ�ԅԗགྷଶdಬޝ౨ēᄃ௪ܤԅႯ௪ඹШಾนӖ֍էԅӉࣛ რඔ٢ͬຢԅᅖྑԗགྷଶࣿၗdΓრఊนēᄃ௪ܤԅႯ௪ྸᆴนྡྷᄵݪΛ໹಴ࣿ ರဈd� � సc ࿵ᆐ࿟໻ԅ໰ဈҗႏڶё� � นॴάဟഊੜ࿵ᆐ࿟໻ԅ໰ဈҗႏٟટēแਬྻҮঢ়ұӞฒݯนԥ໸̣ैࠩ ໻ഊੜdұމӞࣛݯٲۤ෇ᆇ࿟໻ԉၽұӞฒݯᄯ͒སॴಥדᄷྑԅ߸ౄē൐ਬ นұމӞࣛრۤೇЦؖဥᆇࠡӑߙॴ஢ॣēюนұމӞࣛకᆇԅᄷྑਢࠚdफഛ ဟ౥ྜ࿟໻უྂԅࠡకᄯࠚēၽჼّұމӞࣛၮᆴ੦಴ᄯēൎပұމӞࣛݯٲۤ ෇ᆇ࿟໻ԉၽᆙ඘౨໹юॴྡྷّ࡭Ӗԅq࿵ᆐ࿟໻rď൳ჱဳԉē����Đdუّ ࡭ Ӗԅ࿵ᆐ࿟໻ࢶટϢࠧࠧඋᄗ੶ّӦྡྷԅࠡకݯٲē֗ ಾْұމӞࣛݯٲ ďۤݧĐ ෇ᆇ࿟໻ອڑྜ๠Ϧਪԅ॓ۦ඘d� ࡮඘ԙēఢζ�ൎವēު࿵ᆐ࿟໻ඹڶ֟໻ྻұމ̟ࠃԗགྷӞࣛนݮ҄ԅْ ᄵ&'2ďӤͬႯ௣ଽᄃĐСଶރୣ൑ཥಓଶҶೇЦ੿ނᆇࠡ������ē໹юު࿵ᆐ ࿟໻ԅؕႯ�����ēူҮලನēͬঝ௣࿍މď(TXLW\Đԅ&'2ᆇࠡ�����ďนॴರ ูඕ߅ܤēެಁْ࿵ᆐ࿟໻ঝӉԅ௣࿍ᆇࠡΑैອලēய࢈น���Đēճ࿫ᆂ࿵ᆐ ࿟໻ުԅ௣࿍ᆇࠡĢު ࿵ᆐ࿟໻ԅᆇСྜ๠ᅖྑಾၮဈకࣿԅᆇࠡٳ৹ұމԗགྷ Ӟࣛ������ďუ໔Ӟࣛ࡜ྭӾॴ࿟໻ԅζෳĐd� 㸼���⬆ᕅᄤ䫊㸠� ᆇ��С� ؕႯۤൎပრ௣࿍� 7 ұމӞࣛѝ� �������� &'2 ރୣ൑ཥಓଶ ,� ������� � � ௣࿍ᆇࠡ� ������� ᆙ��ޙ� �������� ᆙ��ޙ� �������� ௶܊ēྐྵ࿵ᆐ࿟໻ඹڶҶೇЦ੿ނᆇࠡ�����ē໹юྐྵ࿵ᆐ࿟໻ &'2 ރୣ൑ ཥಓଶ ,, ԅؕႯ�����ēලನඹڶͬঝݧѻᆟອڑ௣࿍މ &'2�����Ģྐྵ࿵ᆐ࿟ ໻ԅᆇСྜ๠ᅖྑಾၮဈకࣿԅᆇࠡٳ৹����� ԅ &'2 ރୣ൑ཥಓଶ ,d� 㸼���Эᕅᄤ䫊㸠� ᆇ��С� ؕႯۤൎပრ௣࿍� &'2ރୣ൑ཥಓଶ,� ������� &'2 ރୣ൑ཥಓଶ ,,� ������� � � ௣࿍ᆇࠡ� ������� ᆙ��ޙ� ������� ᆙ��ޙ� ������� फഛԙēτ࿵ᆐ࿟໻ྻ౨೭ྐྵ࿵ᆐ࿟໻ &'2 ރୣ൑ཥಓଶ ,, นݮ҄ԅСଶ ҶೇЦ੿ނᆇࠡ�����ē໹юτ࿵ᆐ࿟໻ &'2 ރୣ൑ཥಓଶ ,,, ԅؕႯ�����ēල ನඹڶͬঝݧѻᆟອڑ௣࿍މ &'2�����Ģτ࿵ᆐ࿟໻ԅᆇСྜ๠ᅖྑಾၮဈక ࣿԅᆇࠡٳ৹����� ԅ &'2 ރୣ൑ཥಓଶ ,,d� 㸼 ���ϭᕅᄤ䫊㸠� ᆇ��С� ؕႯۤൎပრ௣࿍� &'2 ރୣ൑ཥಓଶ ,,� ������� &'2 ރୣ൑ཥಓଶ ,,,� ������� � � ௣࿍ᆇࠡ� ������� ᆙ��ޙ� ������� ᆙ��ޙ� ������� τ࿵ᆐ࿟໻&'2ރୣ൑ཥಓଶ,,,ԅ�����ߜ΄Հ࿵ᆐ࿟໻ᆴนݮ҄ࠩྡྷϤ ඹڶ֟໻ &'2 ރୣ൑ཥಓଶҶೇЦ੿ނᆇࠡnnუّڶёࢶྻํຫԙޟ༣ຏ௠d ၽუّڶёᄯēਤྡྷޥ࿵ᆐ࿟໻՛ၽҗႏ໰ဈďߎζ �Đd� 㸼���ᕅᄤ䫊㸠㋏㒳ֵ⫼߯䗴䖛⿟� 1� ᆇ�С� ؕ�Ⴏ� ௣࿍ᆇࠡ� �� B � 1)1( drB � Brd � �� 1)1( drB � 2)1( drB � 1)1( dd rBr � �� 2)1( drB � 3)1( drB � 2)1( dd rBr � n� n� n� n� 1� � � � n� � � � 8 ᆙ�ޙ� 1 1 )1( = = nd n rBA � nd n rBL )1( 1 = = � 1 1 )1( = = nd n d rBrE � ဎζ �ࢶᄉēయᆫѺԅұމӞࣛѝ႙ަ B ē࠼ڶ࿵ᆐ࿟໻ຂහԅ Qұࣴ჆ ܊ēୣᆇСᆙ֍႙ަӾġ 1 1 )1( = = nd n rBA � ެಁْ࿵ᆐ࿟໻ঝӉԅ௣࿍ᆇࠡΑै࢈น dr ēய 10 << dr ē 1)1(0 < < dr ē ࿙Үē� )1(1 )1(1 1)1( 1 1 B rr BrBA dd n d n = = = = � Ү҉ē dr ပԤफഛဟҎහ౥ྜ࿟໻ԅ֥ՇӉࣛᅹ΁ࠡ৑ēӬူҎහ౥ྜ࿟໻ ໰ဈҗႏϢලԅಾē dr ᄔӖ໌ωϢ೓ᄯུ࿟໻ԅஜᄥၟ೯ēࢶဎْ࿵ᆐ࿟໻ٔ࡬ ୣకᆇெࣣᆑ໻̼ไd࿙Үēसৢ౨ߣēఢڴď�Đ಴ᄯ dr ۳໌ďಎᄠ௔຿ဟ �Đē ઊਙēѐ೴ dr 1 ௔࠭ဟํோӖēӽᄡᆇСᆙ֍ A ഻ᄍ௔຿ဟํோӖdຣಬᄯēອ ճဟҎහ౥ྜ࿟໻֗ཝēဎဟํ֥ՇӉࣛᅹ΁ࠡ৑ۤୣ൐ࠡక޳ڕᄗγԅၟ೯ē ѐ೴ dr 1 ࢶྻ۳Ӗď dr ۳໌Đē࿙Үē࿵ᆐ࿟໻඘ຂ࡮ပٗஜԅ໰ဈҗႏٟટd� ఢڴࢩৎອֱԅெ໹ēయᆫѺұމӞࣛѝԅᆇС߈౲ B ēઊਙ࠼ڶ࿵ᆐ࿟ ໻ຂහԅೌൊ܊ēୣᆇСᆙ֍ྙߜྻ dr 1 ԅѐ೴Αैཁമൊ߈ēဎҮࢶߎē࿵ᆐ ࿟໻඘ຂ࡮ပݾغԅطئ໿ۤࠡకפຢdӬူҎහ౥ྜ࿟໻໰ဈҗႏϢලԅಾē ࿵ᆐ࿟໻ωϢᄐࠄҗႏҎහຎ࿌ঠՎ໿ԅݪΛᆇСē֗ ಾҗႏڜ࿌ঠՎ໿උჸԅ ْᄵࠡకᆇСdᄔԄᅟ࿉ԅಾē౨೭ &'2 ԉᄃ௪ܤСଶ࡮ပྡྷՇԅqݪΛr೫໿ē ࿙น൑ਬ഻ನࢶྻඹڶݍٳ߬྾έюຣࠡďඑ҂ྡྷՇნࣈĐē໹юճᆇСೇЦݧ ಬ඘࠼ޖԅ༓ௐd� � ങc ࿵ᆐ࿟໻඘ຂճݪΛჿІԅටႾ� � ં஍ē࿵ᆐ࿟໻՟උԅၮ໻ݯᄥྦྷ௶՟ोဟҎහݪΛჿІԸࣅֳถᄍෳēୣ ճݪΛჿІԅसৢۤಬߌ໹юᅍտටႾd� 9 ྡྷಾ࿵ᆐ࿟໻඘ຂඹڶࠡకืՇ௛ԁճݪΛჿІСಓຂහ໿࿵ູdݪΛჿІ ྡྷ͎ಾඹڶࠡక඘ຂҎӽ֗ಬຣճჼ඘࠼ޖԅԸࣅԅē࿙Үēࠡ క඘ຂԅืߒё էᄐࠄ࿵ູᆂݪΛჿІԅಬޝಬಠ໒ڴd࿵ᆐ࿟໻ԅغطئ৑யဓशဟШڟ޳ڕ ᄍෳēٓ ࠡకืՇӛࣿॴམࢍԅටႾd࠰ڕં஍ڑဟҮұࠡకฒݯ߽༾ԅඉৢ۳ տēಎᄠྻ̸శ֚໘࿐ ,,, นӝζԅ໭޳ڕӎಠྙৄ༣ѻ൛ēӬୣᅖྑწճ೓޳ ڕԅ౥ྜ࿟໻�࿵ᆐ࿟໻ԅᆇ·Α৑ԉఏϢၽ޳ڕᄍઝd࿵ᆐ࿟໻ԅغطئ໻น ճອڑࠡకݯٲ࠼࿯cᆇСᄩ२ԉืߒ໿ᄗγఏပᆂᄷྑ࿵ູēωᆫᄴճݪΛჿ І໹юටႾdӲ࿵ᆐ࿟໻ႏюԅຂහ໿פຢۤࠡకฒݯყჾ֟ಓನēུ ໻ชชಾ ᆫ܊Ӟࣛఆēୣ ࡗᅙ໻นྻރಹ܊ϰ௜ԅ೴२ࣚഞԉӎಠ۳ࢶટճᄯЩ୙ඹݪଓ ჎ۤݪΛჿІႏю࿵ູēუྙಾં஍ْ࠘ڑᅟԅߪԤูඕᄍྡྷd�� ֝ಾ࿵ᆐ࿟໻඘ຂճݪΛჿІԸࣅંγ໹юᄷྑටႾd೎ຕēҶݪΛჿІԅ ᆫᄴંγࣿࢡēҮұฒݯ܊ڳޝಀݖճུ໻ڶדஜԸӦྡྷՁᅞ &3, ζವѻॴᄩ ྰēᆇСޮٌᄠ౲࿫юนݪΛჿІᄷྑԅڑᅟᄗγē֗ ࿵ᆐ࿟໻җႏْफࠡకᆇ Сԅޮٌस࿫юนᄯུ࿟໻ڑᅟԅᄷԤdୣұēҶݪΛჿІԅᄯ޷ંγࣿࢡēҎ හԅݪΛ٢࿫२ഛ܌ઔྻ෻௦ۄآঠՎ໿ԅყಬഃ଼ē࿵ᆐ࿟໻җႏԅঠՎ໿ࢶ ટྙပΡྑઌదڜ࿌ঠՎ໿ԅֳѰdᆫ܊ēҶݪΛჿІԅЀᆴંγࣿࢡē౥ྜ࿟ ໻ԅб֍ᅹ΁ࠡྙΡ௶೓Ӿ࿵ᆐ࿟໻඘ຂၮ໻ԅ࿵ູēรΡ෻௦ટֱ࿫ӾݪΛჿ ІԸࣅԅࠒڴᄍᄯdҮෳē࿵ᆐ࿟໻඘ຂԅݣၡܮಽΡަࣙݪΛঠඹമէēუ໔ ճུ໻ԅݮ҄ݪΛԸࣅރୣݪΛ٢࿫Ըࣅྙပᆂஎၽ࿵ູd� సಾ࿵ᆐ࿟໻඘ຂճݪΛჿІٝ࡮໒ॏႏюᄐࠄѪݬd೎ຕē࿵ᆐ࿟໻඘ຂ ರԄకᆇ໻นམᄷq෢ਢrēߜӞࣛඹڶْᄵ໹಴ͧᅭc໇೒ݧᅧྭԉֺ಴ēಽ ΡݖӽᄡݪΛ໰Ӟڟ੦ࣅᄥԉ೴२໸ݪΛٝ࡮ԅ໒ॏໄరdୣ ұē࿵ᆐ࿟໻ຂහ ઝϦࠡకᆇС·ಆ࡜ಾڟΥ޳ڕྻރᅴᅏඊॆԅС๞ēୣ ಬޝॆ৑ெࣣࢶટճڒ ֺჿІॆ৑໹юؤఀēϢॆဟݪΛჿІ࿉෍ԅҎӽdҮෳēҶ٤ࢗೇЦЀᆴٝ࡮ 10 ࣿࢡē࿵ᆐ࿟໻ԅ֟ႺמؖॴࠡకೇЦԅСଶē႙ަॴೇЦԅڜէۤಇէēӬֱ ڶࣿēუ໔໭СଶԅѻຣރୣޮٌϏՎࢶટ஀ՎჼّೇЦēུ ໻٤ࢗೇЦЀᆴᄯ Ҏහᄃ௪ԅޮٌಽΡݖ೓ӾٗտϢ௲Շ໿ԅѪݬēୣ ճॆ৑୙ຫࠒٲԅԸࣅટॏ ྙݖ೓ӾٗտຣಬටႾd� ങಾ࿵ᆐ࿟໻ူᆇСޮٌᄍ޷ԅڑຂަӖॴݪΛჿІԸࣅԅઔէdҶ౨೭ד ๥ᄯࢶྻࢡѻē࿵ᆐ࿟໻җႏԅ໰ဈᅖྑ໹юॴճࠡకᆇСԅ༓ௐēူ ᆇС૾ੰ ԅ໹юੁ஭ອڑdဎဟ࿵ᆐ࿟໻೓ҎහݪΛჿІԸࣅԅёէပຫēୣ ࢶટӽᄡԅ ᆇС૾ੰަӖॴݪΛჿІԸࣅԅઔէdఢۥ௦ੋ૱ծ࿵ᆐ࿟໻җႏԅ໰ဈڟ੦ރ ୣճᆇСޮٌԅ෗Վᆴဈēఢۥࢳ༰ЉէᆇСޮٌ֮ఔރୣ୅੕ճঠՎ໿ഃ଼ۤ ಬ඘࠼ޖԅ࿵ູԉ՛ಾݪΛჿІੋংԅຣಬටႾd� � ๔c ࠒৢူჿІߙ࿐� � ᆘ౨ൎ೭ē࿵ᆐ࿟໻඘ຂރୣ໰ဈҗႏٟટճݪΛჿІ໹юॴ༘տටႾdၽ ᄯڳē഻ᆂࠥൊ໿܁ڔ࠼ޖԸࣅӎಠԅϢծѻ൛ē౥ྜ࿟໻ԅݪΛ໰Ӟ෇ׂ໻น ೓Ӿ྽ᄥdၽҮͼ࠿ຏē౥ྜ࿟໻ᅧ֗ަஜူ໰෡٤ഓۦᆴēݲݾࢗႺζෳसϭ ԉྜ๠ēڟΥ໰Ӟڟ੦ڕसēუ໔ࠡకҗ໭ྙ࡮ပ࿵ᆐ࿟໻ԅϦדඋჸdճҮē ܁ڔ࠼ޖࢅІრ࿫ݲݾ࿫ճēҶ֗ပԅׂಯԙᄥՇѻࢳ༰ԅ܁ڔჿІd� ྡྷಾஜܤԸАහޙēੁ ஭ՓГ࿵ᆐ࿟໻ၮ໻ݯᄥd࿵ᆐ࿟໻ಾჾၽསࠩᄯԅ ໭ທಹ๞ēճҮԅसৢཙࡎۤಬߌ൰ൌఏ҉ဟѺމࠈխdӬဎဟ࿵ᆐ࿟໻Ӗտಾ ڟΥࠡక޳ڕԅС๞ē࡮ပྡྷՇԅ࿥Η໿ēୣ ೴࡬ۤ໰๯ԅࢶԄ໿ֺੋӉၽࠀӖ ઔէd࿙ҮēqݦԄ೴࡬cોூݯᄥr࿫؞ಾಇదཙࡎۤᄥՇჿІԅ஍ඔඨߑd� ֝ಾಇదࠡకཙࡎēݲݾ൰ൌ࿵ᆐ࿟໻඘ຂރୣ໰ဈҗႏٟટճݪΛჿІԅ ࿵ູdં ஍Ӗ२ԅཙࡎЇᄷဟ࿵ᆐ࿟໻඘ຂճࠡకืՇԅ࿵ູēୣ ໰ဈҗႏٟટ 11 ރୣճݪΛჿІԅ࿵ູԅཙࡎჾ҉ဟ୯Ϥᅱൟd༘ տပڑԅᄷྑ੡ඕྦྷ௶༧֗ร ࢅēैఢē࿵ᆐ࿟໻඘ຂҗႏԅٝ࡮ۤᆇС೫ဟڜ࿌ঠՎ໿ԅֳѰēӬ൑ಾ׮ݖ ပஎၽԅݪΛٟટēݧრഊճຎ࿌ঠՎ໿ďఢݪΛ٢࿫२ 0�Đಾ׮ݖပಬᄩ໿ ࿵ູԉēუ໔՛ᄔԄಇదד๥൰ࡎd� సಾ෻౟ד๥ࣟޯēϢծҗ໭ݪΛჿІٝ࡮࿫ճ࿵ᆐ࿟໻ԅටႾdҮұࠡక ฒݯԅ߽༾௲ಬٓݪΛჿІඔѻॴ༘տٗغԅྑௐēୣ ד๥ࣟޯރୣٝ࡮࿫഻ᄍ Ϣծҗ໭dݪΛჿІϢ࿫ᄚଫੋԙࢡӠҎහ޷ࠄకᆇֺ಴ēٗ ࿫௦ੋԙד๥ࠡక ඘ຂۤೇЦԅ֟Ⴚēဍୣಾٗަտ၍ܤԅకᆇֺ಴ރୣݪΛჿІҎӽٟટēࠥ ੁ ޳Љڜ࿌ঠՎ໿ԅҗႏރୣᆇСޮٌέܤճݪΛჿІԅ࿵ູdူ Үອ࿫ԅಾēӦ ྡྷԅॆ৑ڕसݧ໰Ӟڟ੦ڕस՛۳ઔು࿫Ӳ஍໹ಽԅ֟ႺēᄚပަஜݪΛჿІٝ ࡮җ໭ރୣԸࣅྼ೬໿ēϬટပ໒࿫ճ࿵ᆐ࿟໻ԅຣಬටႾd� খ㗗᭛⤂� [1] ܑ௉ࢢē1996 ભġwຣӝݪΛ࿟໻༰߽ёxē؏ӪӖ༰ѻ͑ಀē౨ںd [2] ঺Αતē2008 ભġw࿵ᆐ࿟໻඘ຂჾᅏϤ෰ࠓxē࿧ڳwࠡకನͱxᄯำ͑ 9 ၥ࢜d [3] ൳ჱဳcঞϐcॿ೮cहີē2009 ભġwҶਥڳұӞฒݯࢡࠡకҗ໭ڶёᄯ໰ဈҗႏԅ ௬ສxēwׂࢗӽͱxԛ 9 ୙d [4] ᄂ॓ಙē2009 ભġw࿵ᆐ࿟໻඘ຂ: ֟Ⴚcઝۄူรࣿxēwᄯڳಀݖࢳ༰ၝಷ࠘࠼ޖူ ჿᄭཙࡎൎڳޝࠡకཙࡎᄯ໯ͱفx5 ၥ࢜d [5] ᄻऽ଻ē2010 ભġw࿵ᆐ࿟໻඘ຂġၮ໻ݯᄥူ֟Ⴚxēwᄯڳಀݖࢳ༰ၝࠡకཙࡎൎࠡ కৢ൦x9 ၥ࢜d [6] Bollard, Alan, 2007, “Easy Money - Global Liquidity and Its Impact on New Zealand”, BIS Review, No.25. 12 [7] Gorton, Gary and Metrick, Andrew, 2010, “Regulating the Banking System”, http://ssrn.com/abstract=1676947. [8] Panageas, Kedran Garrison, 2009, “The Decline and Fall of the Securitization Markets”, J.P. Morgan Report. Abstract: The rapid development of shadow banking system and its implication are becoming hot topic after this round of international financial crisis. However, most of literatures are focusing on the impact of shadow banking on the financial stability and regulation. There is little paper discussing its implication on the monetary policy. This paper analyses the characteristic of the current shadow banking system and its credit creation, and discuss its impact on the monetary policy. Finally, we try to provide some policy recommendations. Key Words: shadow banking, monetary policy, credit creation