The Impact Of International Financial Cooperation On Monetary Policy Transmission Mechanism

International financial cooperation can not only accelerate international monetary and capital flows,but also change the cash flow,international reserves and asset prices of cooperative countries,which will have an impact on the transmission mechanism of monetary policy;It can also prevent the risks generated in the process of international currency and capital flows,and reduce the potential risks to the monetary policy transmission mechanism caused by the uncertainty of international currency and capital flows.Using the dynamic stochastic general equilibrium theory,this paper constructs an analytical framework of the impact of international financial cooperation on the transmission mechanism of monetary policy,discusses the impact of money market cooperation and capital market cooperation on the transmission mechanism of quantitative and price monetary policy,and theoretically analyzes the risk prevention effect of international financial cooperation on the transmission mechanism of monetary policy combined with the risk return model of financial cooperation.Further,through the cooperative game theory,this paper reveals the differences in the transmission mechanism of monetary policy affected by financial cooperation between countries of different sizes and the reasons for the differences.Firstly,establish the theoretical analysis framework of the impact of international financial cooperation on the transmission mechanism of monetary policy.According to the theory of "money spillover" and "capital market spillover",this paper constructs a dynamic stochastic general equilibrium model in which money market cooperation and capital market cooperation in international financial cooperation affect the transmission mechanism of monetary policy.The main conclusion is that money market cooperation mainly affects the transmission mechanism of quantitative monetary policy such as credit and money volume,and capital market cooperation mainly affects interest rate,exchange rate Asset prices and other price based monetary policy transmission mechanisms;According to the financial risk benefit theory,the Cb-Cr model of financial cooperation and risk prevention is established.The main conclusion is that international financial cooperation is conducive to reducing the risk in the transmission mechanism of monetary policy.Secondly,it specifically analyzes the impact mechanism of money market cooperation on credit and money volume transmission mechanism,as well as the impact mechanism of capital market cooperation on interest rate,exchange rate and asset price transmission mechanism,as well as the preventive effect on the risks in the corresponding monetary policy transmission mechanism,and takes China’s foreign financial cooperation as an example to calculate the financial cooperation index and financial stability index,Make an empirical test on the corresponding impact mechanism and risk prevention mechanism.The main conclusion is that money market cooperation will weaken the transmission efficiency of quantitative monetary policy transmission mechanisms such as credit and money volume,and capital market cooperation will enhance the transmission efficiency of price monetary policy transmission mechanisms such as interest rate,exchange rate and asset price.At the same time,carrying out money market cooperation can prevent the risks in the monetary policy transmission mechanism.Carrying out capital market cooperation may reduce the risks in the monetary policy transmission mechanism and increase the risks in the monetary policy transmission mechanism.Therefore,we need to give full play to the role of financial supervision cooperation.Thirdly,this paper analyzes the heterogeneity of the impact of international financial cooperation on the transmission mechanism of monetary policy,constructs the game model of financial cooperation,and makes an empirical test.The main conclusion is that "absolute small countries" and "absolute big countries" affect the transmission mechanism of price monetary policy such as interest rate,exchange rate and asset price through capital market cooperation."Relatively large countries" and "relatively small countries" affect quantitative monetary policy transmission mechanisms such as credit and monetary volume through money market cooperation.The "two countries" influence the transmission mechanism of quantitative and price monetary policy through money market cooperation and capital market cooperation at the same time.In addition,the innovation of "two countries" in financial cooperation can further improve the efficiency of monetary policy transmission mechanism.This study attempts to theoretically answer some basic questions about the impact of international financial cooperation on the transmission mechanism of monetary policy,and finally reveals the policy meaning: international financial cooperation should play the role of dredging the transmission mechanism of monetary policy and improving the transmission efficiency of monetary policy according to the different focus areas of money market and capital market.