The Research On The Transmission Mechanism Of Chinese Monetary Policy

In our country, the issue of the mechanism of monetary policy transmission (MMPT) has aroused more and more attention in recent years. Especially on the condition that the monetary policy does not work remarkably, all circles are anxious to know what is wrong with the MMPT in our country, and how to solve the problems. Both are the central subjects this thesis will deal with.Experienced method of combining together with quantitative and qualitative analysis from micro subject agency was used to study the MMPT (divided into a monetary channel and credit channel mainly) of China in this paper. It includes central bank ,commercial bank ,financial market,enterprises and residents. At the same time, we can draw a conclusion that credit channel is the main way of MMPT in our country. But the two are not very effective.Then, we analyses many elements of affecting the effectiveness of MMPT. Mainly including that the central bank lacks the flexibility to the regulation of the basic currency , the independence and autonomy; Because of operating mechanism being imperfect, commercial banks have many bad assets and unreasonable loans, and also the structure of the bank centralize too much; The corporation governance structure of the state-owned enterprise is unreasonable, the property right is not clear, small-and-medium-sized enterprises have trouble in financing; Because of lacking the social security system, residents are pessimistic to their future income, so they can't consume actively etc.Therefore, the effect of MMPT depends on there factors:Whether the draft is reasonable and scientific; Whether commercial bank and financial market can conduct efficiently; Whether the enterprise and consumer can cooperate with it. This chapter mainly begins with the above several aspects to analyses the effect of the factors towards the effectiveness of the MMPT. At last, the paper puts forward the ways of improving the efficiency of MMPT. Such as keeping the independence of central bank when it lay down monetary policy; speeding up the reform of commercial bank; improving financial market; speeding up the reform enterprises.