| October,29th,2004,The People's Bank of China decided not to set the upper deposit limit of financial institution (except credit cooperatives),it signed that the stage target of interest marketing in China had been successfully realized. Along with the steadily proceeding of interest marketing in China, the channel of interest rate transmission will be more and more important. Because the importance of monetary policy, many experts has deeply researched this topic, but they mainly studied the whole transmission mechanism of monetary policy, and didn't research how interest rate affected the GDP and the compositions of GDP in fact. This article used many research findings of the experts, mainly study this neglected question.Major contents and opinions in the article include the following five aspects: First, introduce the background of the studying and the main findings of academia; in the second chapter, mainly remember the dominating theory of transmission mechanism of monetary policy, and discuss the neutrality of money; in the third part, the article use the quarterly data in 1998-2004 and tool software(Eviews 5.0), analyze the causality between interest and GDP, between interest and investment, consumption etc. The results of analysis show that there are not remarkable causality between interest and GDP of China; in the fourth part of article, based on demonstration of last part, analyze the main influence factors of interest rate channel, including interest,system factors and so on.; in the fifth chapter of article, main table the proposal of hence the effects of interest rate transmission mechanism in China. |
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