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China’s Monetary Policy Transmission Mechanism Status and Empirical Test

Author: JiaLin
Tutor: HuangShaoAn
School: Shandong University
Course: Political Economics
Keywords: Monetary policy transmission mechanism Credit Channel Effectiveness
CLC: F822.0
Type: Master's thesis
Year: 2008
Downloads: 665
Quote: 2
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Abstract


Active and effective monetary policy, and always in the country's macro-control play an extremely important role. In the Chinese economy has entered a new round of rapid growth in the context of how much more effective use of monetary policy on economic macro-control, to be placed in front of the urgent need to solve the problem. Obviously, a smooth transmission mechanism of monetary policy, it will directly affect the effectiveness of monetary policy outcomes. Therefore, the transmission mechanism of monetary policy, has become a solution to this problem is a key factor. Meanwhile, the monetary policy transmission mechanism is an important research topic in macroeconomics, in macroeconomics occupy an important position. Therefore, we the transmission mechanism of monetary policy further exploration is necessary. The transmission mechanism of monetary policy, mainly through credit, asset prices and interest rates approach to consumption, investment and export trade influence. In Western economics, this effect is called \Because of the monetary policy transmission mechanism observed from different perspectives, there have always been different from the academic point of view. In general, believe that the monetary policy transmission mechanism of monetary transmission channels and the major credit transmission channel. Primarily through interest rate channel of monetary transmission, non-monetary asset prices and exchange rate channel channels macroeconomic impact; while the credit transmission channel is mainly through financial institutions and institutional changes have an impact on macroeconomic variables. At present, China's financial system is still not perfect, there are still many uncertainties, such as market economies are constantly improving, information is not completely symmetrical, financial mechanisms and economic entity convergence is far from developed Western countries so closely . Therefore, including interest rate and exchange rate channels, including channels of monetary transmission channels, the role is far from theoretical effect so great. In China, the original credit transmission channel does not completely lose its important role in the monetary policy transmission mechanism mainly rely on the credit channel. From the reality of our country's economic and financial situation, the transmission mechanism of monetary policy is at an important turning point, from simple guide by the credit channel transmission rate, non-monetary asset prices and the exchange rate channel by channel composite transmission mechanism changes. In the future, the interest rates and non-monetary asset prices and the exchange rate channel by channel composite monetary policy transmission mechanism will become the main way. This article is based on the existing theoretical knowledge on China's monetary policy transmission channels for system analysis, the transmission mechanism of monetary policy and the improvement made some suggestions. Given their limited knowledge, this article will certainly be inadequate, sincerely hope that correct assessment of the teacher. I will in the future continue to work and study hard, to enrich their knowledge.

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