The Research On Monetary Policy Transmission In Stock Market Channel In China

The core of the monetary policy lies in the Central Bank changes certain financial parameter (such as money supply, interest rate) and achieves the goal of influencing real economy through the policy tool. Transmission mechanism of monetary policy describe monetary policy is it influence the route and mechanism relied on of real economy with the aid of currency to bludgeon into.For a long time, the monetary authorities of a lot of countries fail to pay enough attention to the stock market as the importance of the channel of monetary policy transmission, has not fully considered the function on the stock market in monetary policy of the Central Bank. Asian financial crisis was caused to regional economy and global economy and shaken violently in 1997, impel the monetary authorities of a lot of countries and theory researcher to begin to ponder over the relation between the monetary policy and stock market.Since 1990s, as economy rapid development and market economic system reform of our country moved forward to the depth, the capital market of our country can develop rapidly, especially its core ~ The position and function in the whole financial system of stock market rise day by day, the influence power to national economy of the stock market and listed company is strengthened day by day.Though of our country financial system take bank as the leading factor still, to is it lean the bank credit channel against mainly even to conduct monetary policy, but with the fast development of the stock market, its role in conduction mechanism of the monetary policy is outstanding day by day.The thesis conducts this proposition of the channel to launch around the stock market of monetary policy of our country. Conduct the theory and monetarypolicy stock market and conduct the channel theory and carry on research to the traditional monetary policy in the west, carry on the conduction mechanism of monetary policy of our country and current situation of the development of stock market on the research foundation, carry on real example analysis to the monetary policy of our country through the channel of conducting on the stock market, and has combined the actual conditions of our country and put forward the stock market of monetary policy of our country of improving and conducted the countermeasure and suggestion of channel validity .