| With the rise of China's economy and the promotion of its comprehensive national strength,China's economic and trade exchanges with other countries and regions have become more and more frequent.RMB has been widely used and recognized in international trade.The degree of RMB internationalization has continued to deepen.The internationalization of RMB has brought many benefits to China,but it has also made China's economy more vulnerable to foreign economic fluctuations.As a result,monetary policy is more likely to deviate from its implementation goals.The transmission channels of price-based monetary policy mainly include interest rate,exchange rate and asset price.Based on the three transmission channels of price monetary policy,this paper analyzes the impact of RMB internationalization on the effectiveness of price-based monetary policy according to the classic macroeconomic theory.At the same time,according to the status quo of China's RMB internationalization,this paper uses the principal component analysis method to measure the RMB internationalization index.This paper establishes a VAR model and conducts empirical research on the effectiveness of monetary policy based on relevant monthly data from 2000 to 2017.This paper compares the effectiveness of the same transmission channel of monetary policy before and after the RMB internationalization by using the impulse response function.The empirical results show that regardless of the transmission channel,the effectiveness of the price-based monetary policy is weakened after the RMB internationalization.One of the characteristics of this paper is using the principal component analysis method to measure the degree of RMB internationalization.What's more,this paper considers the real background of interest rate control in China and discusses the situation whether to release the interest rate control after the RMB internationalization.In addion,this paper considers the house price in the asset price transmission. |
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