The Research On The Credit Channel Of Transmission Mechanism Of Monetary Policy In China

Monetary policy is one of the main policies to supervise and regulate the economy. It plays an important part on the development of economy. Generally speaking, monetary policy directly influence the investment, consume, and the net export, and then indirectly influences the economy through the channels just as interest rate, credit, and assets price and so on. And that path is called monetary policy transmission, what we discuss in this thesis.Because of the different aspects on observation, there are different schools and they have different views on the channel of monetary policy transmission. However, we can sum the channels up as follows: Credit Channel of Transmission, Money Channel of Transmission, Asset-liability channel and Bank credit channel. From them, the two basic channels are: Credit Channel of Transmission, and Money Channel of Transmission. The former concerns how the changing of interest rate and exchange rate influence macro-economic variable; and the latter, what is the combination of asset-liability channel and bank credit channel, concerns how the monetary policy influence economy by the changing of behaviors of commercial banks and enterprises, by the changing of financial affairs of residents, and by the changing of bank credit conditions.The logic structure of the whole paper is as follows:In chapter 1, we look back on theories about monetary policy transmission. The monetary policy transmission can be classified into two categories, Credit Channel of Transmission and Money Channel of Transmission. In broad sense, Credit Channel of Transmission includes two channels, that is, asset-liability channel and bank credit channel; in narrow sense, Credit Channel of Transmission means the latter, bank credit channel, what we focus on.In chapter 2, we describe feasibilities and characters of Credit Channel of Transmission in china. Firstly, we put forward the three postulates of Credit Channel of Transmission and argument its feasibilities in china. Secondly, based on the practice of monetary policy transmission from planned economy to market economy in china, we discuss the transformation about regulation instrument of monetary policy. Thirdly, analyzed from the theories and the practice, we conclude that Credit Channel of Transmission plays a significant part in the process of monetary policy implement.Chapter 3 is the emphases of the whole paper. In this chapter, we research the Credit Channel of Transmission in different period. Firstly, we analyze what the influences on the Credit Channel of Transmission from the aspects of central bank. Secondly, we analyze how the commercial banks and enterprises influence the Credit Channel of Transmission. Thirdly, we indicate that the influences of local government on the Credit Channel of Transmission. Fourth, we summarize briefly the reason why the Credit Channel of Transmission has been blocked.In chapter 4, we put forward some advice. For details, we should improve the level of the monetary policy implement, seek for the approach on the reformation of commercial bank, perfect their supervision structure, deal with the bad assets on their balance sheet as soon as possible, put the reformation in the other correlative field into practice, and carry out discriminative credit policies and so on.The brightness of this thesis is as follows: Firstly, we discuss the Credit Channel of Transmission in china in different period, stand out their different status and describe their characters. Secondly, we use a brief model to make demonstration. And we also choose data according to their economic meaning to make model more persuasive. Thirdly, from the analysis on theory and practice, our conclusions are persuasive and our suggestions are exercisable.