The Study On The Effectiveness Of Monetary Policy Tools Under The Background Of Financial Disintermediation

Financial disintermediation is the inevitable result of financial deepening and financial innovation.In recent years, with the continuous development of China’s capital market, constantly enrich the types of financial products, financial institutions showing a trend of diversification, the RMB deposits diversion phenomenon is obvious, the financing channels for enterprises to continue to broaden, financial disintermediation phenomenon is becoming more and more serious.Financial disintermediation may improve the efficiency of the financial market, making monetary policy transmission is more smooth, which helps to improve the effect of monetary policy; financial disintermediation may also change the velocity of circulation of money and monetary multiplier, which makes the money supply endogeneity is more and more strong, at the same time, financial disintermediation brought additional credit creation also makes it hard for the central bank to control money supply, which may weaken the effectiveness of monetary policy.Tools of monetary policy is monetary authorities to manipulate objects directly, is the starting point for the implementation of monetary policy. Therefore, the research on the effectiveness of monetary policy tools in the background of the financial disintermediation for expansion of financial disintermediation on monetary policy effect of the research area and the central bank under the background of financial disintermediation reasonable choice of tools of monetary policy has certain theoretical and practical significance.This thesis consists of six chapters.The first chapter introduces the research background and significance, the correlative research review, research ideas and research methods.The second chapter summarizes the monetary policy tools, monetary policy transmission mechanism, the effect of monetary policy and other theories, the theory of the theory and empirical test to lay a theoretical basis.The third chapter overview and financial disintermediation tools of monetary policy in our country.The fourth chapter in the detailed analysis of the financial disintermediation of deposit reserve policy tools and open market business, interest rate policy tools effect based on,on the effectiveness of the three monetary policy tools in the background of the financial disintermediation were theoretical assumptions.The effect of Chapter 5, using time series dataestablish the VAR model under the background of financial disintermediation deposit reserve policy tool, interest rate policy tools of empirical test, results showed that:Financial disintermediation weakened the deposit reserve policy tool of the intermediate target of monetary policy effectiveness, although under the background of financial disintermediation conduction mechanism of interest rate, asset price transmission mechanism, asset liability table transmission mechanism has clear, but this dredge effect cannot be offset by financial disintermediation on the money multiplier and bank credit conduction mechanism of negative effects,The effectiveness of the deposit reserve policy tools to reduce the background of financial disintermediation;Financial disintermediation and strengthen the effect of interest rate policy tools on output and the price level, which on enhanced role of output changes.The sixth chapter draws the conclusion of the thesis and puts forward some suggestions on the application of the monetary policy tools and the adjustment of the intermediate targets according to the conclusion of the paper.