The Research On The Transmission Effects Of The Interest Rates To Monetary Policy In China

Since 1990's, interest rates gradually replaced the monetary supply as the intermediary target. The trend indicates that interest rates in monetary policy transmission are in the more and more key station; they also play more and more important role, at the meantime they will gradually become one of main monetary policy transmission channels. Therefore, the study of interest rates effects of monetary policy transmission in china is of theoretical and practical value.The thesis mainly concerns the interest rates effects of monetary policy transmission in china, that is whether the interest rates influence the procedures of the monetary policy or not, and the how influences degrees. It puts forward the adoptable steps to perfect the interest rates'effects now.This paper basis on the common theories of monetary policy interest rates transmission mechanism, and draws lessons from the practices of interest rates transmission mechanism in some developed marketing economic countries ,such as USA, England, and Germany, concluded that interest rates transmission is of objectivity and universality; stresses on explaining the role of interest rates in monetary policy transmission: begins with the exist monetary policy transmission practices, Empirical analyses the effects of interest rates influencing the financial market and microcosmic bodies, i.e. probed into the relations between norm interest rate and monetary market interest rate, then the relations between monetary market interest and stock market, and the relations between commercial banks's deposit /credit rate and residents or enterprises.Finally upon the paper's analysis, pick up the measures to advance and perfect the interest rate transmission effect ,ex. consolidate instruction function of marketing interest rate; design transmission mechanism between monetary market and capital market; promote the marketilization of deposits rate and lending rate and build up residents and enterprises'sensitivity to interest rate .At the supplement, I will write some thing like program, and so on, it may be helpful for the future design.