| Monetary policy transmission is the most complicated and realistic problem in the financial adjustment in China, it is related with macro and micro economic elements and the choice of monetary policy. Especially, since 1997, the central bank has adopted series of active monetary policy to control deflation, increase investment and consumption in order to make macro economy prosperous. Interest rate has been decreased eight times successively, deposited reserve has also been lowered, and rediscount and re-loan from the central bank has been enlarged, etc. However, economy system reacted without excitement fronting these policies. Residential investment and consumption were not increased with high effect, and economy increased without continuous power. Is this because China's monetary policy transmission mechanism can't operate well? Or is this because effectiveness of monetary policy decreases? This is the problem our article deals with.Study on theory of monetary policy transmission mechanism of main academic categories in the West is the basis of analysis of monetary policy transmission mechanism in china. Keynesianism's monetary policy transmission mechanism directly regards interest rate as the core which link money with productive quantity, not by means of price, in a sense, Keynesianisrn completely escapes the range to which quantity theory of money confines monetary analysis, representative of monetarism academic category-Milton Friedman thinks change of quantity of money supply is the most reliable measure standard of monetary propulsion. He satisfies finding the relevance between money and revenue with authentic proofs, not deeply study of process of monetary policy transmission. James Tobin's theory compromises between them, not only assure that interest rate is an important factor which monetary demand depends on, but also is similar to Friedman's theory on capital structure. In general, different academic categories' difference reduces gradually on monetary policy transmission mechanism. The abroad book thinks that monetary policy transmission includes the channel for interest rate transmission, the channel for credit, the channel for financial asset price and the channel for exchange rate.For years, interest rate transmission mechanism of monetary policy is regarded as the most important and the most efficient transmission mechanism, but its operation restrains from a series of factors, they mainly include economic entities' expectation, the situation of leisure recourses, marginal efficiency of capital, and so on. Presently3major contradictions in the transmission of China's monetary policy through interest rate is that the central bank's bench mark rate has not been formed, interest rate readjustment contradicts with various interest entities, the relationship among the prices of financial asset is yet to be straightened out, etc. These contradictions seriously affected the effectiveness of the transmission of monetary policy. In China, the reform of the marketization of interest rate has made certain progress, but in general, interest rate's restriction also exists extensively, and more and more restricts the effectiveness of monetary policy. Marketization of interest rate is a kind of system arrangement, presently china has basically created the conditions for accelerating the reform of mercerizing interest rate, yet, considering the situation in China, the reform of marketizing interest rate still needs to be carries out m stages.Since opening to the outside world, with the reform of economic system and the development of financial market, some channel for monetary policy transmission has initially formed, but the channel for credit is the main one, if the channel for credit is sound and unimpeded is the important factor which has an influence on monetary policy transmission. Presently, many problems about the channel for credit have exist ed, for example, state-owned banks have shrunk in basic unit gradually, but medium and small financial institution's devel...
|
PDF Full Text Request