The Research On Our Country's Monetary Policy Transmission Channel

The monetary policy transmission channel has been the core of the western monetary theory all the time and it is still a new subject after so long a time. This paper explores it just in our country in the background of economic transition,the market turning from buyer's to the seller's,the domestic insufficient of effective demand,the weak exportation and deflation. It is hoped that base on the reality of our country and through the research of this subject to offer some helpful reference and suggestion to dredge our monetary policy transmission channel and improve monetary policy efficiency.In chapter one of this paper, it reviews the relevant western theories of monetary policy transmission channel. It can generally be summed up for credit channel, interest rate channel and assets price channel, etc. It carries on a brief appraisal to the monetary policy transmission channel and considers that the interest rate and assets price transmission channels are set up under the prerequisite assumption of complete economy message and that currency and other assets can substitute for each other, while credit transmission channel is set up on the basis of defective financial market. In chapter two, through empirical analysis it concludes that all the monetary policy transmission channel in our country have obstacles in various degree. In chapter three, based on the part before it somewhat exclusively and profoundly analyzes the causes of the block of the monetary policy transmission channel. In chapter four, it finally suggests some countermeasure to dredge the monetary policy transmission and considers that in the near future we should devote our attention to the dredge of the credit transmission channel; but in the long run should strengthen the construction of the interest rate and the asset price transmission channels, and should include the following concrete measures: actively promote the marketization construction of the interest rate, vigorously develop the money market and the capital market, etc.