Our Country Interest Rate Transmission Mechanism Existing Problems And Consummation Countermeasure

Interest rate is the main monetary policy transmission channel of the market economic system, along with the continuous development of financial innovation, countries pay more attention to the interest rate transmission function. In China, with the socialist market economic system and perfecting the central bank macro-control directly to the indirect way by a gradual change, the interest rate policy has become not only an important part of monetary policy, monetary policy, and is one of the important means, in the national economy plays a more and more important role. Since 1996, China's market-oriented interest rate reform steadily, and made staggered progress. The people's bank expanding the commercial bank interest rate pricing autonomy, strengthen the interest rate management, through the indirect control, guide interest rates further play to optimize the allocation of financial resources and regulating macro economic operation of the role. Interest rate policy has become China's monetary policy, the interest rate transmission mechanism of monetary policy transmission mechanism become many of the most important transmission mechanism, the effectiveness of monetary policy depends in large measure on our country interest rate transmission mechanism was clear.In recent years China's economic with more than 8% of the speed of sustainable growth, which caused inflationary pressure increases, the people's bank of China raised interest rates since the 2006 began to carry out the policy, CPI index is constantly creating a new record. Interest rate policy has little effect, causing us thinking:China's monetary policy transmission channel was clear, interest rate policy on China's macroeconomic regulation and control are effective. Therefore, the study on China's monetary policy transmission mechanism of interest rates to help deepen people the operation of the macro economic reality awareness of the problem, that helped to find out of our monetary policy transmission mechanism as the cause of the interest rates for how to improve the effect of the transmission mechanism, keep steady economic growth, more effective macroeconomic regulation and control to provide the theory basis. This article is divided into six chapters. The first chapter is the introduction section. The second chapter introduces the interest rate transmission mechanism related theory:interest rates in China and western interest rate transmission mechanism transmission mechanism of classical theory.The third chapter of our country interest rate conducting mechanism empirical research, this part of it is the key. The research method qualitative and quantitative research methods, the main use of measuring software eviews5.0, select for [1996, 2010] interval data for analysis. On the analysis of the interest rate transmission mechanism, according to monetary policy transmission mechanism interest rates chain:the money supply↑â†'interest rates↑â†'investment↑â†'output↑, respectively, the money supply and interest rate, the interest rate and consumption, the interest rate and investment, investment and output the relations between the analysis, and actual analysis to interpret the results.The fourth chapter according to the empirical results, analyses the reason of not interest rate transmission mechanism, interest rate transmission mechanism in our country the shortcomings, our country enterprise and residents to interest rate changes sensitivity is weak.Chapter 5 proposes the optimization of the transmission mechanism of our country interest rate policy Suggestions:to continue a market-oriented interest rate reform, improve market-oriented interest rate reform, the related measures, improve the residents to interest rates and improve the sensitivity of the independence of the central bank policy, etc.