Practical Investigation And Countermeasure Study Of Monetary Policy Transmission Mechanism In China

The monetary policy transmission mechanism is the main content of monetary policy. It counts how monetary policy to affect essential commerce. It is the base of the validity of monetary policy. Monetary policy transmission mechanism belongs to finance from theory aspect. It is the theory base for national monetary authority to do policy selection; it is the most complex and realistic problem in finance running and controlling for the market commerce countries from practice. It relates to macroscopic commercial policy and running of microcosmic commerce. It chooses the effect of monetary policy.Our country is in the course of setting up social market commerce. The macroscopic environment and microcosmic base are under the unceasing change. Financial environment and structure has prodigious uncertainty. Monetary policy transmission mechanism has got more and more attention. This thesis analyzes and studies monetary policy transmission mechanism of our country in different period according to the characteristic of our own financial reform. It discusses the problems existed and the develop tendency of our conduction system of monetary policy. It also put forward the counter-measure for perfecting Chinese conduction system on these elements. The whole thesis has four parts, the detail content as following:Part I expounds the connotation of monetary policy transmission mechanism.It introduces the following items: interest conduction system theory of Keynes school; conduction system by money supply of money school; conduction system by fortune theory; conduction by capital structure theory; theory of credit supply possibility; market conduction by market way theory.Part II does practical investigation from two hands of transmission mechanism of Chinese monetary policy-the evolvement of transmission mechanism of Chinese monetary policy and the questions existed. First it does the analysis of the transmission mechanism by stage after the foundation of China. It analyzes the change of transmission mechanism of Chinese monetary policy of recent years from two hands-the policy tool turned to be indirectly elementarily and the aim of policy agency changes from controlling loan scale to diversified conducting way. Then it analyze the problems existed in Chinese monetary transmission mechanism from the following sides-the subject; the object and the agency of monetary policy conduction; of finance market; entering WTO and the developing misbalance regionally.Part III analyzes the developing tendency of the transmission mechanism of Chinese monetary policy. It puts forward a opinion that loan conducting way will become a subsidiary transmission mechanism; interest channel will be the main channel under Chinese opening finance; the conducting effect of exchange rate will visualize by the strengthen of the opening degree of our country; fortune channel; capital structure channel and market channel conduction will bring to play important role.Part IV brings forward countermeasure for the existed problems from aspects of central bank; commercial bank; microcosmic subject and finance market.