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The Research on Credit Transmission Mechanism of Monetary Policy in Our Country

Author: WangJinMin
Tutor: YinMengBo
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Monetary policy Credit channel Bank lending channel Corporate balance sheet channel
CLC: F822.0;F224
Type: Master's thesis
Year: 2011
Downloads: 191
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Abstract

Monetary policy transmission mechanism, that is, the monetary authorities to develop appropriate monetary policy based on a country's macroeconomic situation, and by the use of monetary policy instruments, the role of the intermediate target of monetary policy, and timely and appropriate adjustments, and thus social consumption, behavioral impact of the investment process, and ultimately to achieve the objectives of monetary policy, can be understood as: changes in monetary policy tool - changes in the money supply - (a variety of pathways) - the ultimate goal of monetary policy. The effectiveness of the monetary policy transmission channels or not with the formulation and implementation of monetary policy is closely related to the central bank of a country can be an important safeguard macroeconomic regulation, and therefore has important practical significance to study the monetary policy transmission mechanism. Western scholars monetary policy transmission Generally, there are two points of view, that the effects of asset structure adjustment channel and the credit channel. Asset structure adjustment effect channels including the interest rate channel, exchange rate channel, the channels of asset prices and the wealth effect channel. And credit channels that this study monetary policy transmission channels, including bank lending channel narrow credit channel and the corporate balance sheet channel broad credit channel. Because China is in a period of economic transition, yet to achieve a fully competitive market conditions, the capital market is not well developed, and the interest rate market conditions are not yet ripe, domestic scholars combine the theory with the actual situation in China conducted empirical research can determine, in our the main channel for the credit channel of monetary policy transmission. The end of 2007, the People's Bank of China, the implementation of monetary policy from \In September 2008, the international financial crisis broke, starting from 11 in 2008, China began to implement a moderately loose monetary policy to promote China's economic rebound in the first worldwide. Continue to implement moderately loose monetary policy to China in 2010, but in fact relaxed intensity gradually weakened, tightening trend. The People's Bank of China, it is through the development of the implementation of monetary policy to guide the total amount of bank loans and structure, therefore point of view, the main transmission channels of monetary policy in China credit transmission channel. This paper studies the validity of the credit transmission mechanism of monetary policy in China. Traditional money channel theory implied condition that the financial market is perfect, and a variety of funding sources is completely alternative. Pathway in the monetary policy credit, the financial market is not perfect, it is assumed that in the currency and securities and financial assets are not completely replace the central bank to adjust the money supply through monetary policy to influence the size of the commercial banks loanable funds, which led to commercial bank loan supply changes, and finally lead to changes in the entire economic investment and consumption. Conduction channels of credit first theoretical explanations, including credit rationing channels, bank credit channels and corporate balance sheet channel, and these three channels, respectively how the economy play a role described. In this paper, a theoretical analysis and empirical analysis of China's actual situation of the credit transmission mechanism of monetary policy in China. First expounded the theoretical analysis of the history and current situation of the credit channel in China, in 1998, the central bank canceled the size of credit limit management, monetary policy from direct control to indirect control deposit reserve rate policy from the People's Bank of China, the rediscount policy and the open market operations as a major regulator of tools, in conjunction with the macro \In this paper, the indirect control angle from the central bank, commercial bank angle, enterprise perspective of credit conduction. Indirect control of central banks credit conduction of monetary policy, the three monetary policy tools that the deposit reserve ratio, rediscount policy and open market operations analysis. Choice of monetary policy tools to launch the Central Bank efforts and the role of China's macroeconomic control is not enough; commercial banks and other financial institutions as intermediaries of the funds, their actions constitute a key link credit transmission of monetary policy, the impact of the monetary policy transmission has significance. But China's commercial banks in the organization distributed unreasonable, difficult co-existence of the loan and risk management, credit by credit rationing constraints in the conduction process, these problems have hindered the credit channel conduction; analysis of corporate credit conduction when enterprises are divided into large enterprises and small and medium-sized businesses, large enterprises, not only in easy financing for bank lending market, its ability to financing through the capital market is also strong. Small and medium-sized enterprises is far from the strength in capital markets financing, only through the bank lending channel financing, but the commercial banks' reluctance to lend behavior and can not support the funding needs of SMEs, this has led to the obvious contradiction between the structure of supply and demand of credit funds, commercial bank loans to the structural imbalance. Launched from the theoretical analysis of the credit channel of monetary policy in China is not smooth. In the empirical analysis, the transmission channels of monetary policy credit is divided into three dominant phase dominant phase of the dominant phase of the Central Bank, commercial banks and enterprises a leading stage and empirical research channels from bank loans and corporate balance sheet channel. Bank lending channel is the central bank to conduct monetary policy to influence the bank to influence the size of the Bank of loanable funds through loans running businesses and residents of the investment and consumption behavior, thus achieving the monetary policy intentions. The first stage: the central bank caused by changes in the excess reserves of commercial banks, the benchmark deposit rate adjustment affect the amount of loanable funds of the commercial banks. The second stage: commercial banks can be caused by the adjustment of the amount of loanable funds changes in the lending capacity of the commercial banks, and thus the amount of impact on commercial bank loans. The third stage: the investment behavior of enterprises through access to commercial bank loans, and the final effect output and income of the real economy. As an alternative variable empirical study of the three dominant phase behavior of the three main economic variables, the following conclusions: bank credit channels, the central bank is not able to effectively benchmark deposit rate adjustments to sources of funding that affect commercial banks, commercial bank sources of funds to a large extent by the impact of the change in income. Second, the credit supply in addition to the commercial banks to be constrained by the amount of loanable funds, but also by the impact of a variety of business objectives. Conduction channels open so dominant phase of the central bank and commercial banks led stage is limited. Credit channel of monetary policy in the corporate-led phase is effective, that is to say the bank loans granted to Ming Enterprise can be well into the real economy, the impact of income and output. Corporate balance sheet channel refers to the central bank to formulate monetary policy implementation will cause the corporate balance sheet situation changes, and in turn impact on the availability of external funds of the company and investment behavior, the role of the real economy. The first stage: through the implementation of monetary policy, central bank to adjust interest rates, changes in interest rates will lead to changes in net corporate cash flow and enterprise value of the collateral, and thus the the enterprises external financing premium changes. External financing premium enterprises need to pay an additional external financing costs and expenses. Theoretically the same direction with the interest rate changes in external financing premium. The second stage: Changes in the external financing premium change will bring the launch of commercial bank loans. Due to corporate investment behavior in the bank lending channel and the corporate balance sheet channel, the dominant phase of this article in corporate balance sheets of commercial banks and enterprises led stage as a stage for the empirical analysis. This could turn back the launch of the effectiveness of commercial banks led stage. Empirical research the following conclusions: First, the dominant phase of central bank monetary policy transmission is not smooth, its impact on the role of monetary policy on corporate external financing premium is not obvious. Second, the dominant phase of commercial banks, the corporate external financing premium changes in the impact of the change in the total amount of the loans is also a weak effective. Therefore dominant phase is the dominant phase of the central bank and commercial banks corporate balance sheet channel conduction delay. In this paper, the theoretical analysis and empirical study of the transmission mechanism of monetary policy, credit, according to the analysis of the results of the credit channel of monetary policy in China conduction delay cause analysis, combined with the actual situation of China's economic and gives the dominant phase for the central bank and commercial the bank-phase conduction poor specific reason. Finally, feasible policy recommendations on how to clear the credit transmission channels of monetary policy in China. Research ideas in this article: First, the background and significance of the introduction of this topic, summarized the domestic and foreign scholars in the study of the monetary policy transmission mechanism. Discusses monetary and credit channels theory. Then, combined with the actual situation in China, the theoretical analysis and empirical research on the effectiveness of the credit transmission mechanism of monetary policy in China. In the empirical study, respectively, the bank credit channel and the corporate balance sheet channel is divided into dominant phase of the dominant phase of the central bank, commercial banks, and corporate-led stage for empirical research. Finally, the theoretical analysis and empirical results to find out the reason for the credit channel conduction delay and gives policy recommendations. Innovative point of this article: the credit channel of monetary policy conduction process according to the actors to play a role different from empirical research were divided into three stages, namely: the dominant phase of the Central Bank, commercial banks dominated stage and corporate dominated stage, this convergence Shuncheng relationship either to the conduction process level clearly helps to understand and easy to find out which conduction delay to the main stage stage, and is also conducive to play a role in the size of the various stages of the main decision-making behavior. Which can be targeted to find out the reason and put forward policy recommendations. Empirical process of selection of the time-series data, using multiple regression analysis, the specific measurement method using a stationary test, error correction model.

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