Research On The Spillover Effects Of China's Monetary Policy On Developed Countries And Emerging Economies

The position of the United States as a financial superpower is undoubted,and the impact of the US monetary policy on China's is undoubtedly global as well.However,as the economic globalization and the proportion of China in the international import and export trade continue to rise,China,the world's second largest economy,is no longer just a passive recipient of the economic spillover effects by the US monetary policy.The implement and any adjustment of China's monetary policy will not only have certain impacts on the global economy,but also cause spillover effects to developed countries and emerging economies.Therefore,this article takes the world's major developed countries and emerging economies(accounting for more than 95% of global GDP)as research objects,and focuses its research on whether China's current monetary policy will have spillover effects and spillover effects on developed and emerging economies.A comparative analysis,combined with the analysis of the theory of phase and the analysis of typical facts,is the cause of the spillover effect of developed countries and emerging economies.The results of the study indicate that China's quantitative monetary policy has a relatively strong economic output spillover effect on emerging economies,and has a relatively weak spillover effect on the medium and long term.The spillover effect on the United States and other developed countries is weaker;the impact of China's price-based monetary policy through exchange rate channels and interest rate channels has relatively direct impact on the economic output and financial markets of developed countries and emerging economies.The role is relatively large,but its transmission is relatively large.The impact on the real economy is relatively weak.By contrast,the impact of China's short-term interest rates over real exchange rates is more pronounced in developed and emerging economies.China's impact on the impact of money supply has a certain impact on bothdeveloped and developing countries.However,due to differences in economic conditions between developed and emerging economies,the spillover effects are not exactly the same.In addition,the impact of China's price-based monetary policy has a stronger economic impact on emerging ASEAN economies,especially emerging Southeast Asian countries,and has a weaker economic impact on developed countries,especially the United States and the euro zone.However,the empirical study also found that the pulse diagrams of some developed countries and emerging economies didn't show significant convergence or did not converge.That is,China's monetary policy did not have a certain amount of effective impact on all developed countries and emerging economies,although China's opening to the outside world was increasingly To improve,the international position is more and more important,and the international influence is increasing day by day.However,the current changes in China's monetary policy will hardly have a significant impact on the economies of all countries,especially developed countries.The trade volume with China is relatively large,and China's trade volume The emerging economies that account for a large proportion of their total trade volume have a significant economic impact.