The Research Of The Environment Of Monetary Policy Conducting In China

Combining the practice of China's monetary policy transmission, this text uses general theory to analyze money channel and credit channel as the two major monetary policy transmission channels, as well as the economic variable transmission mode and economic subject transmission mode. Basing on it, a comparative analysis of the monetary policy transmission mechanism mode in western countries has been carried out to summarize the main environmental conditions in which monetary policy functions well.Then, combining the reality this text focuses on the historical transition and current situation about China's monetary policy transmission mechanism and environment, and analyzes the factors which affect monetary policy transmission such as macroeconomic environment, financial market environment, behavior environment of economic subject, transmission environment of "money channel " and "credit channel", environmental condition under which the two channels interact, thus conclude that normal economic subject behavior, regulated social credit relationship, sound conduct intermediary such as perfect financial market, reasonable institution arrangement, coordination of macroeconomic policies, and healthy development of other financial ecosystem are important environmental conditions for monetary policy to transmit smoothly.According to the conclusion mentioned above and general monetary policy transmission theory, the text uses multiple monetary instrument variables and macroeconomic variables from different angles, then sums up the "multi-channels, compounding form" as the target mode of China's monetary policy transmission channel. Then a model based on vector autoregression has been set up to verify the effect of monetary policy, using a sample containing the economic and financial operation data between 1995 and 2004. The test demonstrates that control tools such as credit, money supply, exchange rate, monetary base have obvious impact on the conduit of consumer price and industrial added value, but interest rate has limited impact on variables except for investment.This test indicates further, as an economic means of macroeconomic management, the smooth transmission of monetary policy needs certain environment. The reason why monetary policy transmission get blocked can be summarized as the imperfection of market environment attached to monetary policy, which can be concentrated on the...