Research On The Effectiveness Of Chinese Monetary Policy Transmission Mechanism

Monetary policy transmission mechanism research that how the monetary policy use the various financial variables, financial institutions and financial markets to affect the real economy. In today's increasingly globalized economy, global economy was complexing Increasingly, particularly the spread of the current financial crisis, transmission mechanism of monetary policy is increasingly important in the macro-control.The economic system in China is in transition period, the economic system is not perfect, there are many arrangements for the financial system defects, which makes the transmission mechanism of monetary policy is not smooth, little effect of monetary policy. This is the focus of the transmission mechanism of monetary policy causes obstruction of the system and how to improve the effectiveness of transmission mechanisms.First, this paper summarized the method described transmission mechanism of monetary policy theories, clarify the operation of monetary policy transmission mechanism for context to provide a theoretical basis for the research below. Second, by 1978 China's monetary policy implementation has been the development of path analysis,obtained the transmission mechanism of monetary policy can not effectively achieve the purpose of central bank macroeconomic control.Again, through empirical analysis and normative analysis to research the effectiveness of monetary policy transmission mechanism,obtained that at present credit channel is the main monetary policy transmission channels of monetary policy transmission channels in China, because the system's shortcomings, our monetary policy transmission channels blocked to varying degrees.Therefore, the paper proposes countermeasures from the main transmission, transfer vector, transmission levers.First, speed reforming of Micro-economic subjects of monetary policy transmission.Along the path of the Centralâ†'state-owned banksâ†'enterprise (residents),strengthening the capacity of the central bank's control, deepening the reform of state-owned commercial banks, Increasing the transformation of state-owned enterprise system,expanding investment and financing channels for the residents;Second,to improve the monetary policy transmission vector of financial market, improving the currency market organization system,improving the development of capital markets (stock market), improved linkage mechanism for the two markets;Third, to speed up the reform of the monetary policy transmission lever, to speed up the process of marketization of interest rates, to speed up reform of the exchange rate formation mechanism.