Research On The Efficiency Of Money Transmission Mechanism In China Under The New Situation Of "Wide Money + Wide Credit"

In the first half of 2018,China started the financial policy of "deleveraging" and "risk prevention".To stabilize the finance,the national policy was to adjust "wide currency + credit" in the latter half of 2018,the money market and bond market interest rates declined to maintain the sufficient banking system liquidity,but at the same time the phenomenon of “dual-track” interest rates which are the credit debt interest rates and the bank loan interest rates arose,which explains the supply of funds in real economy did not improve.The problem of financing and expensiveness is still exit,and the main cause is the blocked process of China's monetary policy transmission which causing the policy transmission poorly.Based on this,it is necessary to study the causes of the poor monetary transmission mechanism in China.Firstly,this paper analyses the current situation of transmission efficiency of monetary policy in China under the situation of "double-width",and points out that although "double-width" releases liquidity to the market,the financing difficulties of terminal entity economy have not been improved,which indicates that the transmission channels of policy are hindered.Then,in order to further analyze the causes of the hindrance,this paper summarizes the development and evolution of monetary transmission channels in China over the years,and designs the transmission path map of monetary policy in the current stage of "price regulation" based on the research basis of relevant monetary transmission theories at home and abroad.Then,by selecting the data indicators of the representative variables of each channel in the transmission process,and using SPSS to deal with the correlation among the indicators,we can analyze whether the change of the policy interest rate indicators will lead to the corresponding changes of the indicators of other channels(money market,bond market,credit market,real economy,etc.),that is,by examining whether the correlation between the indicators is significant,or whether the correlation among the indicators changes.The consistency between the direction and the theoretical research determines the smoothness of the conduction pathway,and if the correlation between the two is not significant,or the direction of change of the two is inconsistent with the theory,the conduction is hindered in this link.Finally,we find the nodes that are blocked in the transmission through the test results,and analyze the reasons behind the blocked transmission.The main reasons for the unsatisfactory transmission of monetary policy in China are as follows: firstly,the imbalance of financial market segmentation leads to the failure of transmission of monetary policy;secondly,the single financing channel of real enterprises,and the lack of multi-level financing system leads to the failure of transmission;thirdly,Commercial banks' credit contraction,active reluctance to lend,and the failure of effectively implement "lenient credit" lead to transmission failure;fourth,the lack of innovation of real enterprises,low return on investment,and the lack of real capital lead to transmission failure.At the same time,in view of the above reasons,some corresponding suggestions are put forward,such as improving the financial market system of our country and promoting the merger of interest rates;secondly,expanding the financing channels of enterprises,encouraging financial innovation and guiding the flow of funds;thirdly,resolving the debt risk and eliminating the bank's fear of reluctance to lend;lastly,strengthening the enterprises,innovating the growth momentum and improving the return on investment.In a multi-pronged manner,we should dredge the hindered nodes and jointly improve the transmission efficiency of monetary policy effectively.