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The Research on the Effectiveness of Monetary Policy Interest Rates Transmission Mechanism in China

Author: ShuFang
Tutor: HuangZhengXin
School: Guangdong College of Commerce
Course: Finance
Keywords: Monetary policy Interest Rate Transmission Mechanism VAR model VEC model
CLC: F822.0
Type: Master's thesis
Year: 2011
Downloads: 204
Quote: 0
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Abstract


The monetary policy transmission mechanism of monetary economics research center , the monetary policy transmission mechanism of various aspects of the success of direct impact on the role of monetary policy to achieve the ultimate goal . In the monetary policy transmission mechanism , it is the most basic and important interest rate transmission mechanism . With the rapid development of China 's financial markets , the financial activities of the growing securitization and globalization , the interest rate in the macro-control plays an increasingly important role , has become a key factor in whether the monetary policy operations can transfer to the real economy . Therefore , to study the effectiveness of the interest rate transmission mechanism of monetary policy in China , and help us to discover the factors that hinder the efficiency of monetary policy , in order to further improve the effectiveness of monetary policy to provide a theoretical basis . At present , many scholars to study the transmission mechanism of monetary policy interest rate , just discussed separately control interest rates or market interest rate channels , more than quantitative research , qualitative research . In this paper, the use of the VAR model , Granger causality test , impulse response function analysis , variance decomposition and cointegration test conduction channels and control interest rate transmission channels to conduct comparative empirical the VEC model econometric methods in market interest rates , drawn mainly empirical conclusions : the front of the transmission mechanism of control of interest rates and market interest rates to the conduction effect exists rigid ; market interest rates and regulatory changes in interest rates , the conduction effect on consumption and there is a certain lag ; investment and consumption market interest rates and control interest rate sensitive elastic low ; market interest rates to regulate the role of investment is higher than the interest rate on the role of investment ; investment on output is higher than the impact of consumption on the output . And as a starting point to these conclusions , the analysis of the factors restricting the efficiency of China 's interest rate transmission mechanism and policy recommendations .

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CLC: > Economic > Fiscal, monetary > Currency > China's currency > Principle of policy and its elaborate
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