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The Analysis Of Effectiveness Of Credit Rationing To Monetary Policy Transmission Mechanism In China

Posted on:2007-09-29Degree:MasterType:Thesis
Country:ChinaCandidate:L GeFull Text:PDF
GTID:2179360185457526Subject:Quantitative Economics
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Since 1997, the trend of deflation has been appeared in our country , the commodity retail price index, the residents consumption price index and the production material trade price index all have been appeared to be negative growth, the increase extent of money supply and the money circulation velocity also have been appeared to decline. Aim at this phenomenon, our money authorities have adopted a series of monetary policies, but see from the run of the macro-economy, the effectiveness of the monetary policy doesn't get well, or say it doesn't achieve the theoretic anticipative effectiveness. In regard to current research, people generally think that the choice and the usage of the monetary policy tool in our country are basically right. The reason of the bad effectiveness mainly is that the monetary policy transmission mechanism is blocked and transmission channel is not expedite. This paper is on the basis of that the bank credit transmission channel is main monetary policy transmission mechanism and the current loan supply is lower than the ideal standard point. We will analyze the effect of credit rationing to monetary policy transmission mechanism, and we will adopt the macro-economy data from 1990 to 2005 to analyze and verify. It would show that the effect of credit rationing to monetary policy transmission mechanism in China. Than we can explain why the monetary policy transmission is blocked in our country.Chapter 1 mainly introduce the credit rationing theory and contemporary bank credit transmission theory .Credit rationing had been put forward early in《Monetary Theory》of Keynesin 30's. Afterwards western scholars carried on the study and research to this problem continuously. Till 80's Jaffee and Russell, Keeton , Stiglitz and Weiss and so on bring the phenomenon of credit rationing into the information economics, upbuilt the current credit rationing theory based on the incomplete information theory. In fact, it's the state that interest rate can't clear market and there is an excess need of credit in the credit market. Because of that, the credit rationing behavior could be separated into equilibrium credit rationing behavior and non-equilibrium credit rationing behavior.The monetary policy transmission mechanism is the process that the...
Keywords/Search Tags:Effectiveness
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