Channel-and-Effect Research On Chinese Monetary Policy Transmission

The transmission mechanism of monetary policy is to analyze how the monetary police and its instruments affect the real economy through various financial variables. The transmission of monetary policies has the prominent position in whole the transmission mechanism of monetary policy; it not only affects scientific nature of the monetary policy establishment, but also decides directly the usefulness of the monetary policy practice. This thesis aims at the problem that Chinese monetary policy don't clearly regulates the national economy in economy reforms period, thoroughly analysis reason why transmission effects of monetary policy don't ideal from the perspective of channels of monetary policy transmission. Then, Considered actuality of economy development, author put forward suggest and conterplan to dredging channels of monetary policy transmission, increasing the efficiency of monetary policy transmissionThe thesis firstly synthesizes the general mechanism about different transmission channels in different period and different faction of the West transmission theories of monetary policy. This can make some theories foundation for behind research; make readers to have the whole cognition about different transmission channels.Then the thesis analyzes the general characteristic of Chinese transmission mechanism of monetary policy in the economy reforms period, point out some special problem of Chinese transmission mechanism of monetary policy in special economic and financial environment, and through substantial evidence analysis evaluates the result of monetary policy in different stage last decade. We draw a conclusion that because special economic and financial environmental in the economy reforms period, efficiency of monetary policy transmission is in the descendent.This thesis focuses on looking for the reason of transmission obstruction based on the substantial evidence analysis, thoroughly analysis transmission efficiency and problems in interest rate channel, financial assets price channel, exchange rate channel and credit channel, find out the reason which influence and baffle transmission of monetary policy. The thesis thinks that transmission of monetary policy is facing not only it self's framework problem, but also the morbid financial system.Finally, this thesis put forward counterplans and suggests to dredging Chinese transmission channel of monetary policy aimed at the problem respectively existed in each transmission channel.