| The financial disintermediation initially occurred in the United States in the1960s, lead to regulation Q, Q Ordinance promulgated by the strict control of the upper limit of the deposit rate, when market interest rates are higher than bank deposit rates, businesses and residents to deposit gradually flow to the stock market where yields and interest rates are higher, eventually making the scale of the bank’s deposits gradually reduced. In1969, the American scholar Donald Hester first put forward the concepts and definitions of financial disintermediation:financing asset not by banks but by other non-bank financial institutions and capital markets finance economic Today, financial disintermediation doesn’t just appear in developed countries, China occupies a pivotal position in the world economy from the reform and opening up in1978and this year has experienced35years of changes, Chinese financial system and financial markets are constantly reform, especially in the capital market and money market are more mature, residents continue to broaden financing channels, the financial disintermediation phenomenon gradually highlights and deepen in our country, financial disintermediation is inevitable outcome and results for economic development.Financial system for the real economy and monetary policy is indispensable interconnected factors played an important role as intermediaries. The financial disintermediation appear to change the original structure of the financial system, the financial disintermediation is bound to affect the monetary policy transmission channels. Based on the theoretical basis of our monetary policy transmission channels, we study the impact of the monetary policy transmission channels of financial disintermediation. First, the theory summarized the monetary channel and the credit channel of monetary channels of monetary policy transmission channels are divided into interest rate channel, asset price channel, exchange rate channel, the credit channel bank lending channel and the balance sheet channel. And pointed out that China’s financial disintermediation has its own characteristics and generation mechanism, proving that financial disintermediation is real in our economy. Later empirical analysis selects1991-2012annual data of China, and eventually proving that financial disintermediation play a diminished role in monetary policy bank credit transmission channels, but played an active the role in monetary channels. Based on it, I put forward recommendations to improve China’s monetary policy transmission channels in the financial disintermediation trend:First, improve the development of financial markets, and jointly promote the coordinated development of the money market and the capital market; promote the construction of market-oriented interest rate; promote banking transformation; transformation of the financial regulatory mode. |
