| This paper analyses the problem of comprehensive financial services under our country's present separated financial system. Based on the introduction of financial comprehensivity, analyzes the effects of financial comprehensivity on monetary policy.In the first part, the paper gives the financial comprehensivity a general summarization. According two aspects, that is the asset hold and the economic of scope, this part firstly analyses the characteristic and motivation of comprehensive financial services; then points the international trend of financial diversification; lastly introduces our countries'practice of comprehensive financial services.In the second part, discusses the effect of comprehensive financial services on monetary policy transmission, monetary policy instrument and monetary policy intermediate targets. Firstly, as far as the monetary policy transmission, the connection between monetary market and the capital market must be strengthened, which helps to convey the aims and shorten the time lag of monetary policy; more and more factors should be considered and transmission channels become perplexing .This part lays out an analytical framework of monetary policy transmission mechanism--three kinds of main transmission channels. Secondly, as far as the monetary policy instrument, along with the financial innovation and the diversification of financing measure, the monetary policy instrument effect is strengthened and weakened simultaneously,in other words,comprehensivity makes imbalanced influence to monetary policy instrument.The third, this part uses the method that combines theory with positive research to try and proceed from a broader perspective. As far as monetary policy intermediate targets, financial comprehensivity affects its measurability, control degree and relativity; and that comprehend -sive financial services will cripple the relativity between intermediate targets and finally targets is examined by Granger causality. |
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