The Research On Effectiveness And Problems Of Supporting Agriculture Refinance In Hefei

In order to implement the national preferential,supporting agriculture and the development of rural financial institutions,the People's Bank of China has started supporting further credits(the loan to rural financial institutions).The monetary policy has played a positive role in the agricultural credit's expansion,the rural economic growth and the improvement of the rural financial service.Supported by the supporting agriculture further credits,agricultural loan in Hefei's county grow and the rural credit environment further improve.But in spite of the internal and external environment's change,supporting agriculture further credits have apparently many problems in the practice.Specially,it is unhelpful to settle the "three rural issues" and implement the plan of development of the new countryside.To analyze the actual effect of refinancing policy tools in Hefei and improve the effectiveness of the refinancing for supporting agriculture policy,in this research,on the base of the monetary policy sum-up transmission mechanism,I analyzes the conduction path and the effect of implementing the refinancing tool for supporting agriculture.I select the supporting agriculture further credits as a policy variable.Firstly,the supporting agriculture further credits effect on the financial system(rural financial institutions)and by the credit channel influences effect on the agricultural output.I believe refinancing policy tools play a role of financial institutions in the support agriculture important,so I choose the agriculture loan of corporate financial institution as financial institutions reflect the variables of the implementation of the refinancing policy tools for supporting agriculture.At the same time,the agricultural output can show the reflection of the real economy to supporting agriculture refinancing,so choose agricultural production value as reflect variables which the real economy to support agriculture refinancing policy tools.The research establishes a VAR model including refinancing scale in Hefei,agriculture agricultural loans of financial institutions and agricultural yield and does impulse response in order to analyze the effect of support agriculture further credits.As expected,supporting agriculture has a positive impact on the growth of agricultural loans and agricultural yield.The increase of supporting agriculture refinancing can promote the growth of agricultural loans and the agriculture production value,but the effect will be weakening,which the mainly factor from two aspects: the local People's Bank and financial institutions.In this research,I will put forward and improve the measures for these problems,which have made practical sense to use the tool of supporting agriculture refinancing more efficiently.