Research On Monetary Policy Assets Prices Transmission Channels Under The Background Of Financial Disintermediation

Financial disintermediation firstly appeared in the United State. Under the strict control of the upper limit of the deposit interest rate, when the when the market interest rates are higher than the bank deposit rate. Deposit funds flow into stock market where yields are higher. The emergence of financial disintermediation is the product of the development of financial markets. With the degree increasing of financial market in China, the continuous development of financial innovation and environment more complicated of the world economic, the financial disintermediation of China is deeper. Asset price is waved with the development of financial disintermediation.Based on the theory of monetary policy transmission mechanism, this paper mainly use monthly data from 2004 to 2014 to analysis assets prices transmission channels under the background of financial disintermediation. Firstly, this paper carries on the theoretical analysis of monetary policy transmission mechanism. Secondly, this paper analyzes the development, background, characteristics and measurement of financial disintermediation. This paper analyzes the financial disintermediation impact on asset price transmission channels. Besides, this paper set VAR model to study the influence that financial disintermediation has on Monetary Policy's assets prices Transmission Channel in China by using unit root and co-integration test, impulse response and variance decomposition. Research results show that:Financial disintermediation has positive effects on the asset price transmission channels. Financial disintermediation has greater effect on wealth effect than the Tobin Q effect.