| The most important part of the research of monetary policy is the monetary policy transmission mechanism. But it can be done through the way of researching the monetary policy transmission channels. The generalized monetary policy transmission channels is the way that the monetary policy goes through which comes from the central bank to the financial institutions, enterprises, residents and other main parts of the real economy, and finally affect the macroeconomic. The "transmission channels" of the monetary policy mentioned here is the carrier which connects both the intermediate target and the ultimate goal of this policy. The formation of such a variety of transmission channels is mainly due to the financial markets that the monetary policy through from the intermediate target to the ultimate goal. These markets contain the monetary market, capital market, real estate market and foreign exchange market. Therefore, this article will be the detailed analysis of transmission channels.In China, the research of monetary policy transmission mechanism has been always attracted most of attentions. Experienced years of reform, the economic system in our country has been changed from planned economy to market economy. Since the market degree has been proved a lot, the level of the monetization of the economy should be deepening. In China, the modern sense of monetary policy began to emerge when the People’s Bank of China performed the function of central bank in 1984.1n the year of 1998, the central bank began to reform the management, as well as cancel the impose of credit ceiling, and exercise management over the liability rate on assets. It is a symbol that the monetary policy control of the central bank has basically achieved the switch from direct to indirect control. In the process, China faced the double difficulty (the influence of Asian financial crisis became worse and the insufficient domestic demand) after the economy is "soft-landing". In order to expand domestic demand, the central bank makes greater efforts to pursue the expansionary monetary policy, including cutting the interest rate on 8 occasions, turning down the deposit reserve ratio twice, expanding the open market operations etc. Although regulation of the economy has some effect, but because of constraints in the monetary policy transmission channels to make part of the transmission link blocked, China’s monetary policy is not as significant as expected, banks "credit crunch" and the enterprise "cautious borrowing" co-exist.Since 2003, China’s overheated investment has emerged, CPI is going up, loans raising quickly and the resource constraints, despite the associated implementation of monetary policy achieve certain results, but still fails to reach the expected effect. In the second half of 2007, sub-prime mortgage crisis erupts, so that the world’s major economies, the decline in the international economic and financial situation is more complicated and increasingly difficult, domestic economic situation increasingly severe, monetary policy faces greater challenges than ever before. In 2009, how to enhance the effectiveness of monetary policy transmission issues will become a major problem which China’s monetary policy is faced with. Facing the financial crisis, financial institutions will be more cautious, also weakening the financial market functions, the confidence and expectations of enterprise and residents will be affected, so some aspects of monetary transmission channels, and these will lead to the efficiency of monetary policy transmission decline.Suppose the central bank makes decisions is rational, then there are two factors that influence the implementation of monetary policy in the transduction process, the ultimate effect that monetary policy transmission channels of smooth or not, and the economic environment. The present stage, China’s monetary policy, improving the economic environment is running, but, what are China’s monetary policy transmission channels? The monetary policy transmission channels, the market relying on the status of various channels of transmission of the effects of what? If the conduction channels blocked, then the effect of restricting conduction is due to the poor conduction process, or poor conduction in some segments, and what constraints are?In the context of the current complicated international economic and the increasingly difficult domestic economic situation, study the Western theory of monetary policy transmission channels deeply, and deepen the understanding of monetary policy transmission mechanism, then analysis the markets relying on the status of China’s monetary policy transmission with the actual situation. The qualitative analysis and quantitative analysis of a combination of research methods, not only conducive to a comprehensive understanding of China’s monetary policy, external transmission conditions, but also blocked the monetary policy transmission link to a clear position, right to clear the monetary policy transmission channels have some practical significance.This study aims to explore the type of China’s monetary policy transmission channels at the current stage, the market conditions which the transmission channels relied on, the transmission effectiveness of the relevant channels and the blocked reasons. Based on the 1998-2008 years, China’s monetary policy conducted by the external sources of market conditions by relying on descriptive analysis, based on the modern econometric analysis methods and in accordance with the various channels of conduction path-step way to check the credit of China’s monetary policy transmission channels, the interest rate transmission channel transmission channel transmission of asset price and its conduction status of the effectiveness of links, try to explore the reasons leading to conduction channels blocked and put forward the appropriate policy recommendations.The main contents of every chapter are as follows:The ChapterⅠintroduces the background of research, literature review, and the aim, idea and characteristics of this research.The ChapterⅡpresented the monetary policy transmission mechanism, monetary policy transmission channels, other concepts, and their mutual relationships at first. Next, detailed theory of the existing monetary policy transmission channels, and simply classified the existing transmission channels on this basics, introduced the transmission channels to the monetary transmission mechanism, re-understand the process of monetary policy transmission. This chapter laid a theoretical basis for the study of China’s monetary policy transmission channels.The ChapterⅢbegins on China’s monetary policy transmission mechanism of evolution to recognize and understand the characteristics of monetary policy transmission mechanism at this stage. We expounded China’s monetary policy transmission channels based on the theory of monetary policy transmission channels,’combined with the unique monetary policy transmission mechanism in China. Described the statistical characteristics of the markets which China’s monetary policy transmission channels relying on (credit market, money market, stock market, real estate market, the foreign exchange market) using the statistical method, then determine the channels for further empirical research finally.The Chapter IV focuses on monetary policy, the monetary channel, credit channel, the interest rate channel, asset price channels (channels for stock prices, real estate price channels) and other major transmission channel for empirical research. According to the knowledge of Chapter II, Chapter III on the transmission mechanism of monetary policy transmission channels, selecting the appropriate variables to represent the various channels of monetary transmission, from samples which in 1998-2008 monthly data, using unit root test, cointegration test, VAR model and so on, concrete analysis of the effectiveness of these transmission channels.The Chapter V combined the describe analysis in Chapter III and the empirical conclusions of Chapter IV, study preliminarily the reasons for blocked various links between the interest rate channel and the asset price transmission channels.The article has the following characteristics:1. In research methods, qualitative analysis and quantitative analysis combined.Based on the understanding to grasp the concepts of the monetary policy transmission channels, this paper sort out the various transmission channels of monetary policy transmission mechanism of the theory in detail.2. Analysis the monetary policy transmission from the intermediate target to the ultimate goal of the different transmission channels more comprehensive and in-depth. Enhance the analysis of channel effects helps people to understand and grasp the process of monetary policy transmission.3. In the empirical method of choice, although the methodology is mature and modern econometric methods, but in comparison with the existing literature, this paper pay more attention to technical details of modeling, so that the model is more rigorous, the conclusions more reliable.As the individual level is limited, data and data collection remain to be improved. Among the empirical and theoretical analysis may have a lot of immature and worthy of further in-depth study of the place, such as the interaction between the different channels on the effects of research. |
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