The Influence Of Internet Finance On The Transmission Mechanism Of Monetary Policy In China

Since the twenty-first Century,the Internet technology and computer technology have been fully developed,and the corresponding supporting industry has also undergone tremendous changes.Internet finance is one of them.As the name suggests,Internet finance is a financial service form relying on the Internet.Its existence is the investment demand and financial management of people.The method provides great convenience.The Internet financial development in our country can be basically described in three levels:the first stage,from 90s to the early stage of the century,the Internet phase of the traditional financial industry,the second stage,from 2000 to 2010,in this 10 year,the network payment is gradually flourishing,and we often do not need to be realistic.In the third stage,the Internet finance has gradually become a part of our life,and even we have separated from the existence of real money from 2010 to the present.In 2013,the growth of Internet Finance reached its peak,and it has maintained a steady growth rate.The third party payment and network loan have gradually become an indispensable part of people's life,and will also become one of the necessary means of payment for future payment and settlement.The development of Internet finance has influenced the macro-economy to a certain extent and changed the state of our financial system,and the monetary transmission mechanism,as an important central bank regulation mechanism,has also been greatly influenced by the Internet finance,and the change of the transmission mechanism will affect the effect of monetary policy on the financial system..The transmission mechanism of monetary policy is the influence of the people's Bank of China on the money supply of the monetary policy intermediate target by using the policy tools such as deposit reserve and rediscount.Finally,it reaches a transmission process of the policy goal.It plays an extremely important role in the process of monetary policy implementation in China,and its changes affect the monetary policy.The feasibility and effectiveness of the policy implementation effect.Therefore,it is very important to study the influence of Internet Finance on the transmission mechanism of monetary policy in China.This paper is based on the theoretical analysis and empirical analysis of the influence of Internet Finance on the transmission mechanism of monetary policy in China.This paper first analyzes the theory of monetary transmission mechanism,and divides the monetary transmission mechanism into three parts:Keynes theory,Buddha Redman theory and Tobin Q theory.The analysis shows that in the theory of Keynes school,the core position of interest rate is emphasized,the supply of interest rate money affects the demand of money,the change of interest rate changes the income,and the income is counteracted on the interest rate,and the two will reach the equilibrium state,thus the interest rate will eventually affect the income of the people and the people,and the Freedman theory emphasizes the goods.The increase in the supply of money does not change the demand for money,and the increase in money assets at hand leads to increased output and higher prices;Tobin's Q theory emphasizes the transmission mechanism of the asset price,which will bring the goods to the goods.The monetary policy transmission mechanism of asset prices is divided into two key steps:monetary policy affects asset prices and asset prices,and affects consumption and investment,thereby affecting the real economy.Secondly,it analyzes the dynamic change process of the transmission mechanism of monetary policy in China.The transmission of monetary policy in China has experienced four stages:high control,direct control,direct regulation and indirect regulation and indirect regulation.Now our country adopts credit transmission mechanism as the transmission of interest rate and transmission of asset price.The mechanism is complementary to the pluralism,combining the situation of China's Internet financial development,and discusses the actual impact on the four main monetary policy transmission mechanisms in China.It is found that the development of Internet finance has promoted the reform of interest rate marketization and has positive effect on the transmission mechanism of interest rate.With the development of Internet finance,the interest rate transmission mechanism will play a more and more important position;Internet Finance reduces the borrower's threshold and reduces the intermediary of the bank,thus weakening the credit transmission Mechanism,asset price transmission mechanism and exchange rate transmission mechanism are mainly influenced by interest rate,so the development of Internet finance has a positive effect on the transmission mechanism of asset price and exchange rate transmission mechanism.Then,on the premise that the credit transmission mechanism is the main transmission mechanism in China and the interest rate transmission mechanism plays an important role,the two important transmission mechanisms are selected,from the current more-novel index of the Internet financial development index,combined with variable interest rate,credit norm,money supply and gross domestic product.The empirical study of the construction model shows that in the short term,Internet finance has a positive effect on the credit transmission mechanism.In the long run,Internet Finance weakens the transmission effect of the credit transmission mechanism;Internet finance has a short-term and long-term promotion effect on the interest rate transmission mechanism.The more obvious the effect is,the more obvious the positive effect is.Internet finance increases the transmission effect of interest rate transmission mechanism.Finally,based on the above conclusions,it is suggested that how to better develop the Internet Finance and improve the effectiveness of the transmission of monetary policy in China.First,the monetary regulation policy which is in accordance with the supply situation of the currency can be provided for the supply of money in the monetary regulation policy,and the new monetary regulation policy should be studied.He Shishi;two,we should continue to strengthen the reform to achieve the improvement of the small and medium financial institutions;three,to formulate the perfect standards and norms for the development of the Internet financial industry,so that the negative effects of information asymmetry can be eliminated.