The Efficiency Of Monetary Policy In Credit Channel In China

The monetary authorities oriented monetary policy of 2008 to tightening monetary policy at the end of 2007 the politburo meeting,but after the global financial crisis in the second half of 2008.monetary policy from the tightening monetary policy of the frist half of 2008 turned into the easing of monetary policy in the second half of the year for dealing with the effects of the financial crisis. Since then, the monetary policy changed frequent beyond the usual, effects were not so good.there were still all sorts of problems in the economy:inflation, rising unemployment, residents’ deposits of negative interest rates and a series of problems. The effective implementation of monetary policy depended on the changes of the scale of loan that commercial banks owed.in the way.the monetary policy influenced development of the economic and the effects of monetary policy would appear difference owe to the heterogeneity of the commercial banks.Therefore, the problem,how to make the monetary policy effective under the premise of considering the heterogeneity of commercial banks so as to realize the mediation of the economy, is a worthy of further research.Monetary policy transmission channels are divided into monetary channel and credit channel, and credit channels is mainly monetary policy transmission on account of the financial market structure in our country.The article discusses that different banks how to adjust their asset portfolio to achieve the goal of profit maximization under the impact of the monetary policy,that is the different efficiency of monetary policy in different banks,it bases on a representative bank of asset portfolio model as the research foundation.The peoples bank of china divides banks into the people’s bank of state-owned commercial Banks, joint-stock commercial Banks, urban commercial Banks and urban and rural credit cooperatives according to the nature of the ownership of Banks, this article proves that the classification standard by the people’s bank of china is in accordance with international standard of heterogeneity in the standards for the Banks, through analysising the bank’s assets, capital and other qualitative data of commercial Banks.but in view of the desirability of the data, we will choose Chinese listed commercial Banks as an object of analysis,there are three represented banks:state-owned commercial Banks, joint-stock commercial Banks and city commercial Banks.The article analysits that three types of banks how to adjust the loan and securities holdings to adapt to the changes of the monetary policy through structural equation, in order to achieve the optimal portfolio. In specific empirical part of unit,it is root test first, and then the equation regression analysis, it is concluded that the tightening of monetary policy can reduce the bank’s loan, and the state-owned commercial bank’s response to monetary policy is the most significant, followed by the joint-stock commercial Banks, city commercial Banks take last place; It is relatively complicated for bank securities holdings, the influence of the state-owned commercial Banks and city commercial bank’s securities holdings declined, and the joint-stock commercial Banks securities holdings increased. Finally, on the basis of the empirical results,the article puts forward policy suggestions on improving the efficiency of monetary policy:let go of the regulation of the state-owned commercial bank, control the management risk of the joint-stock commercial bank, expand the business scope and responsibility of the city business, and improve the flexibility of monetary policy.