Analysis On The Spillover Effect Of Loose Monetary Policy In The Eurozone On China's Output After The Financial Crisis

With the continuous advancement of globalization,frequent trade cooperation and the development of information technology,the breadth and depth of country-to-nation relations in economy,trade,and finance have also expanded and deepened.Different countries have been closely linked through such factors as trade and capital flows.Together,the cross-cutting effects of monetary policies implemented among countries have become more complex.At the same time,along with China's implementation of the “One Belt,One Road” strategy,the total foreign trade volume and the actual use of foreign capital have continued to increase,and the spillover effects from the monetary policies of major international economies(the United States,Japan,and the euro zone)have become more pronounced.After the financial crisis,advanced economies such as the United States and Europe implemented a series of loose monetary policies,including both traditional monetary policy tools and a series of unconventional monetary policy instrument innovations.Currently,the US and European monetary policies are tending to be divided,and the loose monetary policy of the Fed is gradually being withdrawn,and the loose monetary policy in the euro zone will continue to be implemented for some time.At the same time,the European Central Bank is one of the world's major central banks,and the euro zone is China's most important trading partner.Therefore,the implementation background,implementation methods,domestic effects,and empirical research on the monetary policy of the euro zone after the financial crisis are clearly understood.It is of great theoretical and practical significance that the international transmission channels and the direction and size of the impacts and related policy recommendations are proposed.This article systematically elaborates the implementation background and domestic transmission mechanism of the Eurozone loose monetary policy,and analyzes the impact of the Eurozone monetary policy on the Chinese economy after the financial crisis from the trade channel and the monetary policy channel through the theory and the construction of two SVAR empirical models.The empirical results show that the loose monetary policy of the Eurozone has a strong negative impact on China's output through trade channels and currency channels,and the trade channel is more obvious;a series of monetary policies in the Eurozone have played a positive role in the recovery of the Eurozone economy.The impact of the impact on China's monetary policy is relatively small.In addition,it has produced a certain negative impact on China's price level;in response to changes in the monetary policy in the Eurozone,while keeping a close watch on changes in international monetary policy and timely adjusting domestic monetary policy,the key point is to expand domestic demand and complete the transformation of economic structure.Upgrade to find new momentum for economic growth and improve the reform of the foreign exchange and financial market system.