A Research On An Effect Of Financial Product Innovation Upon Monetary Policy

How to institute and operate the monetary policy of a country is based on Currency supply and demand problems. Along with the quickening global financial steps,the tide of financial innovation had an effect on currency supply and demend,and made a profound change in currency supply and demend gross framework and form machinanism,especially in financial macro-control.The text was based on the theotry of monetary policy in the classicality and macro-economics;and analysed our national domino offect frame of monetary policy,according to the development actuality of nowadaye financial products innovation,combinewith entity economy At the same time,I made use of financial facility thoery pertinent to financial products,made a study of its effect on monetary policy, and strived toward offering constructive policy suggestion for the sake of our country s steady and rapid development. Therefore, discussing the financial innovation influence on monetary supply and demand \monetary policy operation ,which had importent academic and practical meaning to effectively establish and carry out the monetary policy.The thesis consists of five chapters: Chapter one introduced the research background, research target, intention and implications. It also makes a brief introduction of the research findings already achieved by Chinese and foreign scholars and summarizes the main thoughts and ideas in the following chapters.Chapter two identified later—day dominate monetary policy idea,especially by the analytic demonstration of monetary policy effect ,laying a sound foundation for the following research of relation between financial product s innovation and monetary policy;analysed and quoted both the overseas and domestic monetary policy of the central bank detailedly . the third and forth chapter analysed the influences from the object ,tools and its functional process of innovation about the monetary policy ,and analysed the stock market basing on the analytic demonstration of the maximum estimate of vectors self-recursive Johansen s variable. The fifth chapter put forward the perfect suggestions from the macroscopical and practical operation angle to our national monetary policy, and devise the theoretic summarization to the whole-length discussion.