The Analysis On Monetary Policy Transmission Channel And The Effect In China

From 2008 since the global financial crisis has been a topic of discussion focused on countries, especially since the second half of 2008 subprime mortgage crisis intensified, and quickly spread to other countries in Europe and Asia.The causes are complexed. To reduce the crisis on the global economic impact, measures taken by countries are also diverse. Monetary policy as the central bank regulation of the economy to run one of the important macro-economic policy, in this crisis were used many times in many countries to stimulate the economy.This paper is divided into five parts, the first chapter introduces the research background and significance of the article, the theory of monetary policy transmission mechanism studies and comments on documents, and introduced articles of research methods and main content. Chapter II of the Western financial circles on the monetary policy transmission mechanism has combed the main point, summed up the interest rate, credit, asset prices and exchange rates of four transmission channels. The third Chapter, based on previous analysis and testing the proposed course of monetary policy transmission problems, and post-crisis effect the Government's policy brief discussion, the future effect of improving the implementation of monetary policy recommendations. ChapterⅣ,the focus of this paper,analize the monetary policy transmission mechanism in China's current situation. First, a general monetary policy analysis, from the "Monetary policy tools-Monetary policy intermediate target-the ultimate target of Monetary policy," in pathway and the "Central Banks-Commercial Banks and other financial institutions-business people," the conduction of the main aspects analyzed in detail. Then the article introduce China's financial sector on the monetary policy through the theoretical interest rate, credit and asset price channels of transmission of the situation. Finally at the end of 2009 according to the data, it use Johansen cointegration test, Granger causality test, vector regression models from a variety of measurement methods on interest rates, credit and asset price transmission channels of the model. This credit transfer that monetary policy transmission in China is still the main channel. Transmission of interest rates and asset prices is blocked. With the deepening of interest rate reform and capital markets developing, interest rates and asset prices play a role in transmission gradually. Chapter V the effective transmission of monetary policy recommendations. First, on the monetary policy transmission system, the participation of the main body a few suggestions.It is proposed to focus on monetary policy transmission channel diversification. First of all, the credit transmission mechanism of monetary policy optimal environment to continue to improve the efficiency of the credit transmission channel, followed by accelerated interest rate marketization reform in the same time, positive interest rate and monetary policy transmission channels, then efforts to improve the money market and capital market development, strengthening of monetary policy conduction asset prices, and finally be paid attention to monetary policy and fiscal policy coordination.