A Research On The Evolution Of China's Credit Channel In Monetary Policy Transmission

In 2008, China suffered an unprecedented financial crisis, but under the influence of positive fiscal policy and loose monetary policy, in 2009 China's economy achieved a stable and healthy development,GDP growth rate up to 8.7%. the Financial institutions'new loans created a history of the amount of 959 million yuan had been concerned. A large number of loans had been put into the real economy, took a very important role for China's contribution. Therefore, the credit transmission channel of monetary policy has once again aroused the keen attention to the economics professors. Deeply study of the evolution of the credit transmission channels'history and situation, can improve the effectiveness of China's monetary policy implementation, and it is not only important but also of great significance. In this paper, the writer sorted and analyzed the evolution of transmission channels since China's reform and opening up, and summarized the characteristics of credit transmission channels of monetary policy in various stages. And use cointegration tests, Granger causality test and vector autoregressive (VAR) model to conduct empirical research method.The full-text is divided into four parts:Introductory section, it tell us the background and significance of studying the evolution of monetary policy transmission channels of credit, and give this research methods and the basic framework; The second part study the effect and the expressions of credit transmission channel and relevant theories; The third section analyzes the major Western developed economies and China's monetary policy transmission mechanism, and make a summary of the evolution process of China's credit transmission channel;On this base, made a empirical analysis of the credit transmission channel of monetary policy effects.Concluded that in China the credit transmission channel of monetary policy transmission always occupy the important position,but the effect in the various stages is different; The fourth part studied problems in the credit transmission channel and put forward policy recommendations.The first innovations of this article is summarized the major developed economies' monetary policy evolution and summarized the law of monetary policies'evolution, which provides us a reference direction. Second, from a historical point to view of the evolution of credit China's monetary policy transmission channels,and use the vector autoregressive (VAR) model of empirical methods to analyzed and compare the different stages of the role of credit channel effects. The results showed that the credit transmission channel of monetary policy transmission in our country, always occupied the position of the more important, but the role and the effect of the various stages is different.