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The Validity Of The General Monetary Policy Tools

Posted on:2005-11-13Degree:MasterType:Thesis
Country:ChinaCandidate:X WangFull Text:PDF
GTID:2206360122486643Subject:Statistics
Abstract/Summary:PDF Full Text Request
With the changing of macroeconomic control measures from direct ones to indirect ones, Ordinary Monetary Policy Instruments (OMPI) will play more and more important role. So it will offer useful references to further optimize the effect of monetary policy that researching the effect of OMPI in China and finding factors weakening the efficiency of OMPI. In this dissertation, we will mainly analyze the efficiency of OMPI. During the analysis the dissertation distinguishes the inside channel and outside channel of monetary policy conduction mechanism, and divide the process that OMPI act on economic target to research respectively. Following this way of thinking, chapter Ⅰ in this dissertation summarizes the theory and practice about OMPI. On this foundation, chapter Ⅱ discusses the relation between OMPI and monetary policy intermediate targets(inside conduction). Then chapter Ⅲ discusses the relation between monetary policy intermediate targets and ultimate targets(outside conduction). The research of this dissertation indicates great effects in the change of macroeconomic control measures from direct ones to indirect ones have achieved, and the relativity between OMPI and monetary policy intermediate targets. The relativity between money supply and ultimate targets is higher than the relativity between interest rate and ultimate targets. Monetary channel is still the main channel of monetary policy conduction. Money supply is both the important reason that promotes economic growth and the main reason that causes the change of commodity price. In addition, the exertion of OMPI is still restricted by the faulty market system. The perfect finance market syetem will improve the efficiency of OMPI in China.
Keywords/Search Tags:Ordinary Monetary Policy Instruments (OMPI), Intermediate targetsUltimate targets, The conductive mechanism of monetary policy
PDF Full Text Request
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