The Influence Of Financial Disintermediation On The Transmission Mechanism Of China's Monetary Policy

The gradual establishment of China's multi-level capital market and the rapid development of Internet finance have led to the emergence of financial disintermediation and its form is more diversified.The phenomenon of financial disintermediation includes not only the phenomenon that funds bypass the commercial banks' direct allocation in the capital market,but also the bank's participation in the "active disintermediation" ranks of the shadow banking business and Internet finance.In recent years,the Chinese government has repeatedly emphasized the dredge of the monetary policy transmission mechanism and the efficiency of monetary policy to support the development of the real economy.Why is the implementation of China's monetary policy difficult to achieve expectations?Is the obstruction of the monetary policy transmission mechanism related to financial disintermediation?Based on the above considerations,this paper discusses the impact of financial disintermediation on the transmission mechanism of monetary policy,and based on this,proposes how the monetary authorities can clear the transmission mechanism under the background of financial disintermediation.First of all,this paper elaborates the research of scholars at home and abroad from three aspects:the phenomenon of financial disintermediation and its causes,the financial disintermediation measure and the influence of financial disintermediation on the transmission mechanism of monetary policy.This paper summarizes the concept and measurement methods of financial disintermediation,and combines the development status and forms of China's financial disintermediation to build a more comprehensive financial disintermediation index.This paper discusses the impact of financial disintermediation on the transmission mechanism of monetary policy from both theoretical and empirical research.This paper focuses on the interest rate transmission mechanism,asset price transmission mechanism,exchange rate transmission mechanism and credit transmission mechanism,and selects the monthly economic data of China from 2010 to 2018 to establish the SVAR model.Then the impulse response diagram is used for comparative analysis.The results show that the phenomenon of financial disintermediation is prominent,the effectiveness of interest rate transmission mechanism,asset price transmission mechanism and exchange rate transmission mechanism are strengthened to some extent,and the effectiveness of credit transmission mechanism is restrained.Finally,combined with the empirical results,the paper puts forward relevant suggestions for dredging the transmission mechanism of monetary policy in the context of financial disintermediation:Realize interest rates and track smooth rate mechanism,improve financial market to build interest rate platform,increase exchange rate flexibility to clear exchange rate mechanism,accelerate monetary policy transformation and improve efficiency.