The Research On Monetary Policy Transmission Mechanism Effect Based On Regional Finance Diversity In China

During economy transition period in China, monetary policy became the main instrument for the State to control the national economy, monetary policy is now in the process of transition from direct demanding to indirect controlling, the regional finance diversity exits in our country impersonally, the national monetary policy makes the macro-economy controlling be in a dilemma. The thesis analyses the regional difference in the effectiveness of monetary policy transmission mechanism from monetary policy interior mechanism and monetary policy exterior mechanism, the thesis chooses regional finance diversity be the springboard, emphasizing the function of financial system during monetary policy transmission mechanism.The thesis includes seven chapters. The first chapter introduces the environment, purpose and significance of the thesis . The second chapter summarizes the literatures and points out the researches in existence have some insufficiency, derivating the main content we are going to research. The third chapter introduces how the regional finance diversity comes into being and its present situation in China, monetary policy became the main instrument, replacing the fiscal policy, for the State to control the national economy since we began to reform, We find the credit channel is the main transmission channel in China by empirical research, the unified monetary policy easily make the macro-economy controlling get into be in a dilemma. The fourth chapter introduces the meanings of monetary policy interior transmission mechanism, analyzes the function of financial system during monetary policy transmission mechanism, We find different regions have different monetary policy interior transmission mechanism effect under the regional finance diversity in China, by researching base money and money multiplier. The fifth chapter researches the regionally different effect of monetary policy exterior transmission mechanism in China. The sixth chapter makes empirical examines of the regionally different effect of monetary policy transmission mechanism, by using Vector Auto-Regressive model and some econometric instruments such as impulse response function and variance decomposition. The empirical examines results support the former logic and...