The Research On The Monetary Policy Transmission Efficiency Through The Capital Market In Our Country

Since 1990s, a great change has taken place in financial structure and economic environment. Along with the decreasing function of traditional commercial bank, capital market has played a more and more important role in financial activities, therefore, the relationship between capital market and monetary policy has caught the attention of related authorities. The capital market in China developed incredibly not only in speed but also in scale, and the transmission mechanism of monetary policy through capital market became as an essential channel as that through credit market.Under such background, this thesis focuses on the transmission mechanism of monetary policy through capital market in our country in order to solve the problem whether the transmission mechanism of monetary policy through capital market in our country is efficient. The thesis takes advantage of the advanced analyzing method overseas, dividing the process of capital market transmitting monetary policy into two segments, that is, how capital market transmits the monetary policy information to entities, establishing the theoretical framework of the monetary policy transmission though capital market.The thesis follows basic study methodology of theoretical, empirical and policy analysis. It consists of 7 chapters:Chapter One is introduction, to clarify the writing background,correlative literatures and writing consecution. Chapter Two explains The theoretic foundation of monetary policy transmission mechanism through capital market. Chapter Three research on the frist step in demonstration, with indicating our country's monetary policy can effct on the capital market efficiently. Chapter four chooses shanghai,shandong and shaanxi as objects to research transmission efficiency of the second step, in order to eliminate the infection of the financial asymmetric regional character in our country, and the result is inefficient. Chapter five and six discussed some policy implications of the preamble analysis. In order to promote the conduction efficiency of monetary polices in capital markets. In the end, there are omnibus conclusions.