Research On The Effect Of Monetary Policy Transmission Based On Stock Market In China Under Financial Crisis

Since the 1990s, Stock market of our country has rapidly developed with the high development of economy and the market economic system reform, influenced our national economy profoundly day by day. The monetary transmission mechanism receives serious challenge. Many countries in the world have experienced the harmful consequences which severe fluctuation of the stock price brings. Therefore, it's urgent and meaningful to do research with our country's monetary transmission mechanism of stock market based on our own reality.In this paper, whether the China's monetary policy transmission mechanism of stock market is unblocked is our core: if unblocked, how to use this new efficient conduction mechanism for economic development better, if not unblocked, how to play that conduction mechanism for economic development function. How to learn the transmission mechanism is divided into reform monetary policy to stock market and from the stock market to economic entity, this is helpful for analyze this conduction mechanism. This paper attempts to make use of Chinese data about tentative answer, a great deal of research at home and abroad for this paper to provide the research foundation.Full body part of the paper begins from the first chapter, which mainly discusses the monetary policy transmission mechanism of stock market research theory. Mainly clear how the central bank monetary policy affects the real economy, reveals the connotation of monetary policy transmission mechanism, Because of monetary policy transmission mechanism of stock market actually experienced scratch one stage, in order to better understand the related theory of evolution and development history, in a brief introduction and analysis of the traditional related to monetary policy transmission mechanism based on the theory of monetary policy transmission mechanism is divided into stock market monetary policy to stock market the conduction and stock market to economic entity of conduction in two stages, and detailed analysis of the monetary policy transmission mechanism of stock market related theory and empirical studies the status quo, both at home and abroad for the empirical analysis after we provided theoretical basis.The second chapter is about the monetary policy and the analysis of Chinese stock market development present situation. We analysis the China's monetary policy transmission mechanism of stock market ,using monthly data during January 2007 and December 2010, of the monetary policy transmission mechanism into stock market from monetary policy to stock market and from the stock market to the entity economy, and the monetary policy of China stock market conduction mechanism of phases of empirical analysis. The conclusion is China's monetary policy to stock market of conduction is basic unimpeded, and stock market for consumption and investment effect is not significant.The last chapter is the conclusions and Suggestions. For reference foreign central bank regulation of stock market experiences and lessons, and combining with China's stock market development reality, monetary policy of China stock market conduction mechanism existence the question put forward pertinence policy Suggestions.