China's Credit Transmission Mechanism Research Of Monetary Policy

Monetary policy transmission mechanism is monetary policy affects economic entity and theway the path, specifically, is the study of monetary policy implementation, monetary policy changesto cause and effect of microcosmic economy main body of investment and consumption behavior,ultimately affect the macroscopical economy gross changes a total of the mechanism.In theory, monetary policy transmission research have two kinds of ideas, including Thetransmission mechanism of monetary and credit transmission mechanism. Although interest rates orexchange rate of traditional channels on a lot of research, but credit market through the of the roleof monetary policy to total spending have a direct impact. Monetary policy transmission creditconduction theory is in reflections on the monetary policy transmission channel based on thetraditional theory of the rise and development. Look from practice, our country is in the marketeconomic system, the establishment of sound stage, the market mechanism is not perfect, thefinancial system with the entity economy system are not link between into a linkage body, and it isjust the basic and the developed countries complete market system instead, and give full play tomonetary policy transmission mechanism function, exactly is developed economy even there is alsoa major position in a credit transmission mechanism.Therefore, the research on the credit monetary policy transmission mechanism, in theory canenrich the credit transmission mechanism theory study, at the same time in the practice of monetarypolicy in the choice of intermediate objectives as well as our country give full play to theeffectiveness of monetary policy are of significance.This paper is divided into five parts.The first part, introduction. This paper mainly introduces the background and significance ofthe subject, and literature review.The second part, this paper theoretical basis. Mainly includes bank credit transmissionmechanism theory, balance sheet mechanism theory and the theory of credit transmissionmechanism are reviewed.The third part, the credit transmission mechanism in our current situation analysis. That, nomatter from theory analysis and from practice to look at, at present, China's monetary policytransmission mechanism are mainly credit conduction.The fourth part, this article core. Divided into three parts, the first, from the currency marketand the capital market two aspects, this paper analyzes the financial markets to the credittransmission mechanism, the effects of In the second place, from commercial Banksnon-performing assets of state-owned commercial Banks and organization structure property right structure two view, this paper analyzes the commercial bank credit to the influence of thetransmission mechanism; The third, from credit rationing and proportional unbalance creditrationing two aspects, this paper analyzes the credit rationing credit transmission mechanism of theeffects.The fifth part, this paper measures and Suggestions. From the current respectively should payattention to play credit channel transmission function, actively explore the business bank of ourcountry road, improve the regeneration of the capital market efficiency and optimization firmbalance credit rationing behavior four aspects to further perfect our country's monetary policytransmission mechanism proposed credit measures.