The Effect Of Credit Rationing On The MMPT In China

In this paper, the effect of credit rationing to the MMPT in China been discussed on the basis of the western monetary transmission theory, Chinese present condition and data analysis during 1989 to 2003. The conclusion shows that before the canceling of the quota of credit scale, non-equilibrium credit rationing promotes the development of the system of monetary policy. But from 1998, equilibrium credit rationing is building up. It blocks the transmission of the monetary policy and affects the effectiveness of the monetary policy.This thesis consists of four chapter :Chapter 1, introduces the contemporary bank credit transmission theory and credit rationing theory, analyzes the effect that credit rationing on the contemporary bank credit transmission.Chapter 2, reviews briefly the historical evolution of the MMPT in our country.Chapter 3, on the basis of Ex- two chapters, analyzes the credit rationing behavior of commercial bank, finds out the root that restricts the effectiveness of the monetary policy in our country. And demonstrates the conclusion by the related data.Chapter 4, continued from the analysis in chapter 3, puts forward the suggestion of reforming and perfecting the MMPT in our country. At present, it is the primary task to perfect the bank credit channel. In the future, we should actively develop every kinds of monetary policy transmission mechanism.This paper does the new study in the aspects of making use of credit rationing theory explaining the monetary policy credit channel ,puts the influence of credit rationing into the analytic system of the credit channel theory, analyses existence of credit rationing conduct the influence in different economic situation. Meanwhile on the basis of the theories analyze, this paper also takes the way to introduce dummy variable to carry on quantitative analysis to the actual conditions of our country, supports the theory conclusion from real example respectively.