| 1,The purpose and significance of the research in this thesis.The thesis focuses on the monetary policy transmission through capital market in our country. From A to Z, the thesis describes the whole process of the transmission. Central bank gives some policy shock and changes the relationship of monetary demand and supply, then the prices of stock fluctuate and the entities will change their production. In our country, the process is not smooth. The thesis analyzes the reasons and gives some feasible suggestions. Why is the topic chosen? Capital marker has played an important factor in our country's economy after rapid development during the last ten years. The transmission through capital market has become a factor that cannot be neglected. But because policy transmission used to rely on commercial banks' intermediary function, academic circles and central bank haven't paid enough attention to the intermediary function of capital market, which weakened monetary policy's effect. The thesis takes the matter seriously, and thinks highly of the role of capital market, describes the whole way of policy transmission through capital market and give some suggestions to improve our policy transmission.2,The outline and logic structure of the research The study begins with the general relationship of capital market and monetary policy transmission, introducing transmission framework of capital market in western theory. Then the thesis analyzes the effect of rapidly developed capital market on policy transmission, explains ournation's reality of policy transmission, explores the reasons why the transmission through capital market is blocked, and the thesis studies the intervention of capital market on policy transmission. The third part of the thesis gives some feasible suggestions on dredging policy transmission and increasing policy effect. The paper is based on the logic from theory to practice. In the guide line of western policy transmission theory, it analyzes the reality of our country.3,Main content and view of the thesisThe thesis is divided into three chapters altogetherChapter One introduces western monetary policy transmission theory, especially transmission framework of capital market, which consists of Tobin' Q theory, balance sheet theory, anticipation of inflation theory, fortune theory, liquidity theory etc. The former three theories influence enterprises' invest, while the later two theories influence consumers' perchasing. The theories integrally describe the way of monetary policy influencing economy. And whether the influence is strong enough depends on capital market scale, maturity and macro-economy circumstance and so on. Chapter Two analyzes the effect of rapidly developed capital market on our economy. Capital market has became another important intermediary of policy transmission. But the data in recent years demonstrates that the transmission is blocked, this chapter analyzes the reason, and points that the defects of our capital market influence the policy's effective transmission.Chapter Two also analyzes the intervention of capital market on policy transmission. Capital market influences the demand and supply of money, and the transmission is not reliable. When central bank increases money supply and hopes to stimulate the economy, a great deal of money supplied enters capital market, makes financial asset price soar and the economy is not influenced or less influenced. That is, the influence of monetary policy"overflows" in capital market. So central bank should pay more attention to the issue.Chapter Three gives some suggestions on dredging policy transmission and increasing policy effect. Among them there are developing monetary market, developing and improving capital market, making interest rate determined by market, and reforming our monetary policy programming. Interest rate determined by market is the premise to policy's effective transmission. Monetary market and capital market becoming mature is the guarantee of the u... |
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