Study On Improvement Of China's Monetary Policy Transmission Mechanism

dissertation firstly retrospected and compared some foreign theories on transmission mechanisms of monetary policy, and expounded domestic economics circle's main opinions on present transmission mechanisms of monetary policy. Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance: (1)Monetary policy tools lag behind the economic and financil background; (2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel; (3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction; (4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier; (5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc. Acorddingly, this dissertation has brought forward some reformatory measures, building the commercial bank, setting up folk-run financial institutions, and regulations ,and regulating financial composition are emphases.