Research On The Transmission Path Of China's Structural Monetary Policy And Its Effect Research

In the context of the "new normal" China's economic growth rate has changed from high-speed to medium-high speed,and it is in a critical period of continuous improvement in structural optimization and innovation driven.With the advancement of financial innovation,regulatory arbitrage,and interest rate liberalization,the regulation of traditional monetary policies has exposed multiple risk features such as overcapacity,local debt,and real estate bubbles.Its policy effectiveness has been greatly challenged.Since 2014,the Central Bank of China has created various types of structural monetary policy instruments,including re-lending,targeted cuts to required reserve ratios,short-term liquidity operations,standing lending facility,medium-term lending facility and pledged supplemental lending.Its objectives are mainly accurately release liquidity and guide capital flow to the real economy.The problems faced by our country's economy are different from the situation in which the western countries suffered from the economic crisis in 2008 that caused a decrease in liquidity.The overall liquidity in China is not lacking.However,China's economic structure is in urgent need of transformation and upgrading.Enterprises,especially small and micro enterprises,have been plagued by difficulties in financing and high financing costs.At the same time,the problems of the deep level output structure of the three rural areas are constantly emerging.Therefore,it is of great significance both in theory and in reality to study the conduction path of structural monetary policy and its effect research.This paper takes the structural monetary policy conduction path and its effectiveness as the research content.First,it summarizes the relevant literature on domestic and foreign monetary policies and structural monetary policies,then the theoretical basis of the transmission of structural monetary policy is explained from the perspective of interest rate transmission,credit transmission and other asset price transmission channels.It also summarizes the features and action mechanisms of structured monetary policy instruments at home and abroad,summarizes the proposed background and starting point of each country's structural monetary policy,and compares it with the structural monetary policy of China.Next,analyze the effectiveness of the proposed structural monetary policy,Comparing with the structure of monetary policy,the total amount of base money and the amount of money invested by traditional monetary policy and its interest rate.The results show that the structural monetary policy exceeds the amount of traditional open market instruments in terms of volume,and plays an increasingly important role in the macroeconomic regulation of the currency,and can provide low-cost funds to banks,which is conducive to reducing the overall financing cost of society.Then continue to conduct further research on the regulation of structural monetary policies,starting from the impact of structural monetary policies on bank liquidity,structural credit and social financing scales,establish VAR models,conduct Granger causality tests,impulse response analysis,and variance decomposition.The results show that the structural monetary policy has a long-term and stable equilibrium relationship with bank liquidity,social financing scale,and structural credit.There is also a causal relationship.it is from the perspective of the empirical proof effect of monetary policy on the scale of social financing,bank liquidity and credit structure.However,from the data point of view,the rural loan structure in the three rural loans has not achieved good results,and the empirical process has also found that structural monetary policies have a significant impact on bank liquidity and social financing scale,but the impact of the structural loan is not significant.Finally,the corresponding policy recommendations are put forward.The implementation of structural monetary policies is still in its infancy.Although there are preliminary results of the credit adjustment structure,some links in the implementation process can be further improved.We give some suggestions for improving the effectiveness of structural monetary policy.