Analysis Of China's Monetary Policy Transmission Mechanism

Monetary policy under the conditions of a market economy is an important means of macroeconomic control. The effectiveness of monetary policy depends on the monetary policy transmission mechanism is smooth. Monetary policy transmission mechanism of monetary policy and its instruments to study how various financial variables have an effect on the real economy Q stated. It is the most controversial area of macroeconomic theory study, China's economic reform and is currently the focus of economic theory and hot. Therefore, the study of this issue is of great theoretical and practical significance.The role of monetary policy on economic performance is a complicated process, which is completed through a series of channels, including interest channels, asset prices channels, channels for the exchange rate, balance sheet and bank credit channels channels. China's monetary policy transmission mechanism of the founding of the new China has experienced different stages of development. Roughly be divided into five stages of monetary policy was severely depressed phase (before 1978). the role of monetary policy to release phase (1978-1994). monetary policy gradually phase (1994-1997). monetary policy relatively mature phase (1998 -2004). Monetary Policy latest phase (2005-present).There are many problems in China's monetary policy transmission mechanism. In a certain extent, affected the results of the People's Bank of China, the use of monetary policy. Bank micro entities, the development of money and capital markets to have an impact on the monetary policy transmission mechanism. In fact, to maintain the monetary policy transmission channels for the flow of the main needs of the monetary policy transmission (Central Bank). Microscopic (enterprises and residents and intermediaries (financial institutions and financial markets)) to make full use of its functions, actively guide the macroeconomic impact of monetary policy. The article by the monetary policy transmission mechanism theory as a starting point, and use it as a theoretical basis, in spite of the obstacles on the basis of factors. propose measures to improve the monetary policy transmission mechanism.,In short, my predecessor and successor has been made on the basis of research results, the use of the expertise graduate school stage, of the monetary policy transmission mechanism for a systematic analysis. Objective analysis of the monetary policy transmission mechanism is to see the problem and propose solutions. on the foundation laid by some new ideas as I can. However, in view of my knowledge and research capabilities are limited, the text must be inadequate, Experts criticized the request and reply center...