Study On Credit Transmission Mechanism Of Monetary Policy Based On VAR Model

National monetary policy is conducted to affect the real economy through the appropriate channels,and monetary policy transmission channels is smooth,it determines the effect of monetary policy implementation.Western economic theory of the monetary policy transmission channels are divided into two categories:money channel and the credit channel.Market imperfections,information asymmetry,is the basic condition of monetary policy transmission mechanism established credit theory.Our current financial system and market mechanisms in line with the basis of the existence of credit channels.Therefore,at this stage,the credit transmission channel has an important position in China's monetary policy transmission mechanism.This not only stems from the relatively developed country indirect financing system,but also from our central bank to commercial banks to conduct effective control.Firstly,through the monetary policy transmission mechanism theory of the sort,from the perspective of incomplete information,combined with the development process of China's monetary policy,obtained credit transmission channel of Existence.Secondly,the use of VAR model on the effectiveness of the credit channel transmission mechanism empirical test,obtained in the course of the credit transmission channels,monetary policy can effectively influence the credit supply.But the credit amount can not affect the real economy.There is a certain credit transmission channel blocking.From the perspective of investment and consumption,respectively,analyze the impact of both the amount of credit,the amount of credit obtained through consumer channels can not affect GDP.But it can influence by investing in GDP,and the lag period is five quarter.Credit in the short term effects on economic growth is not significant in the long run in order to show a positive role in promoting.Play a role in monetary policy through the credit channel has a certain time lag,and finally gives the corresponding policy recommendations.