| China's capital market has achieved rapid development since the 1990s, when it has been playing a marked role in economic growth, resource allocation etc.. The development of the capital market arouses the profound changes in the financial structure in ways that alter environments of monetary policy implementation. More important, the structure alteration exerts remarkable influence on money supply and demand, monetary policy tools and its transmitting mechanism so as to provoke heaps of problems of the current monetary policies, which is inevitably included in policy-making and implementing.Many foreign scholars have been attentive to monetary policies. Such researches as influences and challenges resulting from the capital market, and monetary policy selection have been generally explored, but confined to separate specialized emphases as referring to Obstfield (1994), Kyle (1984), Diamond (1982), Jensen & Murphy (1990), Laffont (1988), Rigobon & Sack (2001). China's central bank was shortly founded, and monetary policy studies started more lately in the end of 1980s. So is the case of China's capital market with merely a dozen years. All these combined incur even later study and less concentration on monetary policy selection in the way of the capital market growth. The academic and theoretical fact has it that many still remain subject to qualitative rather than quantitative studies, among which systematical studies are even fewer. These untouched leave this dissertation much to be explored.The dissertation employs multi research methods, such as theory-and-practice analysis, empirical and formal analysis, numerical and econometric analysis and so on. Based on China's transitive economy, the dissertation meanwhile applies the double-sided characteristics of the new-born and transitive market to the concrete analysis of the capital market, in the purpose of accurately selecting monetary policies. The dissertation constitutes of eight chapters ranging from final goals, medieval goals, policy tools, transmitting mechanisms and efficiency related tomonetary policies, whereby a complete analytical scheme is attempted to be contrived. Thereafter a systematical theory is contributed to addressing monetary policy selection problems arising from the capital market.Chapter one makes a brief introduction on research backgrounds, current research both at home and abroad, research methods and its significance, as well as the article scheme.Chapter two discusses the development of China's capital market and its challenges posed to monetary policies. The rapid development has resulted in great changes in the financial structure, which leaves obvious impact on monetary supply and demand, monetary policy tools and its transmitting mechanism, and finally threatens the current monetary policies.Chapter three discusses the relations between the capital market development and monetary final goals. In a market economy, economic growth, price stability, adequate employment and Export & Import balance become the macroeconomic goals. In terms of monetary policies, The Banking Law of the People's Bank of China, issued in 1995, proclaims the single final goal which determines the monetary policy selection.Chapter four discusses the relations between the capital market development and monetary medieval goals. Interest rate is not only the medieval goal of monetary polices, but also the monetary tool which by itself is being attaching more and more importance. However this chapter concentrates more on money supplies due to the fact that interest rate floating is still not practiced and much has been discussed in other chapters.Chapter five discusses the relations between the capital market development and monetary tools. Monetary tools improvement and innovation consists in the financial reforms. Based on the analysis influence of the capital market development on monetary policy tools, this chapter introduces the indirectness tendency of the developed monetary policy tools selection and then offers an interest...
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