Research On Transmission Mechanism Of Monetary Policy In China

China could take reference to relevant western economic theories on monetary policy transmission mechanism in establishing a transmission mechanism of its own. In course of China's financial institutional reform, we can not find any theories which are perfectly consistent with China's actual situation. So one practical way to improve China's monetary policy implementation effectiveness and help establish a multi-layer transmission system linked with the indirect adjustment and control, is to make analysis on China's monetary policy transmission mechanisms at different development stages, explore measures to upgrade the current monetary policy transmission system with full consideration of actual factors in China's financial reforms.First, the dissertation gives a full analysis on the theoretical system of monetary policy, from perspectives of definitions, main contents, main components and key factors exerting influence on monetary policies and makes a detailed introduction about four ways of monetary policy transmission, which lays a research framework and foundation for the analysis on China's monetary policy transmission system. Afterwards, the dissertation introduces three phases in China's monetary policy development course, which gives background information for the following research.In the following part, the dissertation further analyses some factors imposing impacts on effectiveness of China's monetary transmission system, from perspective of China's marketisation approach, functions of monetary policy subjects and objects and influence of external environment. Based on analysis above, the dissertation finally makes conclusion on necessity and availability of improving China's monetary policy transmission system, and suggests specific measures to actually improve effectiveness of China's monetary policy transmission system, by speeding up China's marketisation process, enlarging contribution made by monetary subjects and objects to the monetary policy transmission process and improving financial environment and economic environment.