The Influence Of Internet Finance On Intermediate Targets Of Monetary Policy

In the last couple of years,the Internet finance which scale was expanded quickly had a rapid development in China.At the same time,the development of Internet finance and the development of macro economy have stimulated great discussion.Did the Internet finance in China have a certain influence on the intermediate target of monetary policy?In order to find the dimension which,have a greater impact on the objectives of monetary policy,I solve these problems in the whole thesis.At first,this paper studies the influence of Internet finance on the intermediary target of monetary policy theatrically.Then,we construct the Internet financial index by literature review,and then build the VAR model based on the monthly data of Chinese monetary policy intermediary variables.The paper uses Johansen test and Granger causality test to analyze the relationship between monetary policy variables and Internet financial index and investigates the impact of monetary policy on the financial policy of our country.Among the three dimensions of Internet finance,we build credit payment dimension,business dimension and traditional finance separately.By means of pulse response function and variance decomposition,the Internet of traditional finance has the most significant influence on monetary policy..The empirical analysis shows that there is a certain interaction between Internet finance and narrow monetary multiplier and interest rate.On the one hand,Internet finance promotes the expansion of monetary multiplier and has positive influence on money supply.Empirical analysis shows that there is a certain interaction between Internet finance and narrow monetary multiplier and interest rate.On the other hand,Internet finance promotes the expansion of monetary multiplier,and the influence on money supply is positive;what's more,Internet financial shock is promoted by interest rate conduction mechanism and interest rate marketization.But the most important influence on monetary policy is conducted by the Internet of traditional finance.Finally,this paper puts forward some suggestions according to the results of theoretical and empirical analysis.