Research On The Effectiveness Of China's Monetary Policy After The 2008 International Financial Crisis

In the contemporary market economy,monetary policy has become increasingly important as a country's central bank's macro-control measures.In particular,since2008,the US subprime mortgage crisis has rapidly swept the world's major financial markets,and has evolved into an international financial crisis,causing unpredictable economic losses to the world economy.In the face of this global financial crisis,countries around the world have adopted a series of policy measures to counteract the economic crisis brought by the financial crisis,making it possible for the national economy to get out of the shadow of the financial crisis as quickly as possible.Therefore,monetary policy,as an important means of regulating macroeconomics,must be taken seriously by governments of all countries.This paper uses the background of China's market environment and the monetary policy measures used after the international financial crisis to combine the relevant economic theory of monetary policy with the actual situation of China's policy effect,and takes the effectiveness of monetary policy for 2008-2017 as the object of study.Construct VAR model to make empirical research on indicators such as money supply,output and price level.The research shows that the change of China's money supply is the main factor affecting GDP and price index,and that China's economic growth is becoming “light”,and monetary policy is shifting from quantity-based to price-based;monetary policy In terms of price control,it has become more stable;although China has liberalized interest rate control during the post-financial crisis period,empirical evidence shows that due to the short opening time of China's interest rate liberalization and the relatively large amount of state-owned funds,China's interest rate transmission channels still remain obstructed;due to the development of China's stock and fund markets,the real economy's financing channels have increased,making even the financial institutions' various loan balances unsatisfactory for investment transmission.The implementation of monetary policy also Still more effective,it has stimulated the growth of China's real economy.According to the research results,the following suggestions are proposed in this paper: actively improve the two-pillar regulatory framework,clear the interest rate transmission mechanism,construct the “interest rate corridor” model,and guide public expectations.