Research On The Influence Of Internet Banking On Monetary Policy Asset Price Transmission Mechanism

The development of modern information technology has brought a profound impact on the financial industry. Since 2013,Internet financial transactions in fast, multi scene experience the advantages of the impact of the traditional financial industry, changing the financial system of the state, the changes will affect the transmission mechanism of monetary policy, thereby affecting the policy effect of the real economy. In this paper, the impact of Internet banking on China's monetary policy asset price transmission mechanism as the themeTheoretical analysis and empirical test based on the analysis of the related literature ,found that 2013 for China's Internet financial is a catastrophe pointThrough theoretical analysis, found that the Internet finance can enhance the liquidity effect and asset price effec.According to the theoretical analysis of the results of empirical analysis to explore the following two questions: the asset price elasticity of different levels of development of Internet era of money demand is changed; if a change occurs, the Internet finance is how to influence the conduct of monetary policy to asset price. In order to solve the problem, this paper uses monthly data from January 2008 to January 2013 and from January 2013 to May 2016 two during the period of currency changes, asset price index, five variable VAR model were constructed, and found in the monetary policy in the different period of Internet financial development is conducted to the asset price link is different.For questing two,the construction of three variable VAR model fo the growth rate of currency, the Internet financial development index growth rate and asset price index growth rate based on the relationship function and variance decomposition analysis found that the change of the money supply will have a positive impact on the Internet financial development index, Internet financial index is positively related to asset price index.Internet banking has played a positive role in the transmission of monetary policy to asset prices.Therefore, the government should fully consider the financial impact of the Internet on the asset price transmission mechanism,establish effective cooperation with the help of Internet banking supervision system,promote the process of market interest rates led to the development of Inclusive Finance, make money the policy should play a role in the regulation of the real economy.