Research On The Influence Of Internet Finance On The Intermediary Target Of Monetary Policy

In recent years,the impact of Internet finance on traditional economic formats has made its influence on monetary policy one of the key issues of academic concern.With its convenient and efficient advantages,Internet Finance has rapidly developed this new financial model.At present,the rapid development of Internet finance is driving the profound changes in the existing financial system,and it has also had an important impact on the transmission mechanism of China's monetary policy.Therefore,it is of great theoretical and practical significance to study the influence mechanism of current Internet finance on China's monetary policy intermediary target,deeply summarize and analyze its influence effect on the monetary policy intermediary target,improve the effectiveness of monetary policy regulation,and enhance the central bank's macro-economic regulation ability.Based on the non-neutral theory of monetary policy and based on the research of scholars at home and abroad,this paper makes a further analysis of the relationship between the influence of Internet finance on the intermediate target of monetary policy.The paper is based on the research of "theoretical analysis-empirical test-policy recommendations".Firstly,the thesis starts with the three criteria of measurability,controllability and correlation of monetary policy intermediary objectives.According to the traditional money supply theory and monetary policy transmission mechanism,the Internet finance mediation target of money supply and interest rate intermediate target are expounded.The impacts of Internet finance on bank credit transmission channels and interest rate transmission channels are analyzed separately,and the internal mechanism of Internet finance's influence on monetary policy intermediary targets is elaborated.The analysis found that Internet finance affected the stability of the money supply,changed the structure of money demand,and promoted the marketization of interest rates intermediary targets.As a result,the effectiveness of the intermediary target of money supply was weakened,and the effectiveness of interest rate intermediate targets was improved.Next,in order to test the conclusion of theoretical analysis,this paper uses the Vector Error Correction Model(VEC)to conduct econometric analysis,the Internet financial scale,the 7-day annualized rate of return of Tianhong Fund,the interbank interest rate of Shanghai interbank,and the money supply.The quantity and other related variables are introduced into the model,and the data of the money supply intermediate target and the interest rate intermediate target are selected to empirically model the data of different time periods and different intervals,and the extent and mode of the influence of Internet finance on the monetary policy intermediary are studied in detail.The empirical results show that,first,the scale of Internet financial payments has an expansion effect on both narrow money supply and broad money supply;second,Internet financial yields have a positive effect on interbank lending rates.Internet finance weakens the transmission effect of credit channels and reduces the effectiveness of the intermediate target of money supply.At the same time,Internet finance enhances the controllability of interest rates and improves the effectiveness of interest rate.The results of empirical analysis effectively support the conclusions of the theoretical analysis part,and provide a certain reference for the current research on the relationship between Internet finance and monetary policy.Finally,according to the current situation of China's Internet money development and China's monetary policy transmission mechanism,combining with the paper research conclusion,this article from the monetary policy intermediary target selection,monetary policy transmission channels,promoting Internet financial sustainable development three aspects put forward relevant Suggestions,in order to build a reasonable monetary policy intermediate target system,improve the effectiveness of monetary policy for the Internet financial better play to the advantages to create a better environment,make the Internet financial health,specification development,better the function of Internet financial service the real economy.