The Influence Of The Development Of Internit Finance On The Transmission Channel Of China's Monetary Policy

In recent years,the concept of Internet finance has penetrated into every aspect of our life.Third-party payment,p2p online lending,Internet financial management and other services have greatly facilitated our life.At the same time,the new financial model is free from the banking system,which will have a certain impact on thetransmission of China's monetary policy.This paper discusses the impact of thedevelopment of Internet finance on the transmission channel of China's monetary policy.This paper starts with three transmission channels of monetary policy,namelycredit transmission channel,interest rate transmission channel and asset price transmission channel,and theoretically analyzes the influence mechanism of Internet finance on the three transmission channels of monetary policy.At the same time,it studies the relative strength of the influence of the development of Internet finance on the three transmission channels.We got the following main conclusions:Firstly,different monetary policy transmission channels in the conduction of the role of monetary policy shocks are different.From the perspective of total amount,the asset price channel plays the biggest role in the transmission of monetary policy impact,and the credit channel and the interest rate channel also play a significant role.Secondly,the development of Internet finance has a great impact on the credit channel and interest rate channel of monetary policy transmission.It strengthens the interest rate transmission channel of monetary policy and weakens the credit transmission channel of monetary policy,and even makes the price transmission channel of interest rate surpass the price transmission channel of credit.Thirdly,the existence of Internet finance weakens the role of asset price channel of monetary policy.From the empirical results,the development of Internet finance will have a certain inhibitory effect on the asset price channel of monetary policy,but this inhibitory effect is very limited,and the asset price channel is also the one least affected.