The Effectiveness Of Monetary Policy And Credit Channels

The credit channel theory appears from the 20th century 50' s, at the beginning of the 80's, the information economics and the game theory development has provided the rationale for this theory establishment. The credit channel theory broke through the hypothesis that the currency channel belong to the bond about the non- currency property series, it thought this hypothesis has the very big difference with the realistic economical movement, the capital in the bank asset debt table can also have the important influence with the realistic economical total demand and product in the function of the monetary policy , The credit channel theory divided the property into the currency, the bond and the bank loan, and has formed the concrete way that the credit channel conducts monetary policy: Bank loan channel and property debt table channel .the validity of Our country monetary policy has t close relationship with he currency conduction mechanism, in our country economical transitional time, restricted by the immature marketing mechanism and limited scale of the financal market ,we have to resort to the credits as the main channel of transmitting policies of currency . but in the actual operation , the channel for credit transmission is often blocked , which prevents the policies of currency from functioning effectively . this has brought some scholars' attention, many research about the credit channel have been conducted by many scholars, it mainly concentrated in two aspects: In the currency conduction mechanism which is the main channel between currencies channel and credit channel? In other words which channel has actually affected the monetary policy validity; which problem in the credit channel has affected the monetary policy validity?which...