The Research Of China's Monetary Policy Transmission Mechanism

In the economic globalization today, the global economic situation increasingly complex in the current financial crisis, especially the spread of monetary policy transmission mechanism plays a more and more important role in macroeconomic regulation. China is in a transition period of economic system now , economic system is still not perfect, there are many financial system arrangemens which makes monetary policy transmission mechanism is not clear in our country, monetary policy effect is not obvious. This paper mainly analyzes the present situation of monetary policy transmission mechanism and how to improve transmission mechanism effectiveness.This paper first introduced monetary policy transmission mechanism using inductive method and clarify the operation context of monetary policy transmission mechanism, provide theoretical foundation for the next study. Then analysis China's monetary policy transmission mechanism currency channels and credit channels using normative analysis and empirical analysis.The conclusion: the effect of currency channels is not obvious, but credit channels is still the main channel of monetary policy transmission, but there are also many problems.Finally, based on the inperfect of financial market development, the micro basis backward system of commercial banks and the state-owned enterprise monetary policy transmission, the slow development of interest rate marketization process, put forward the corresponding countermeasures to improve China's monetary transmission mechanism, and dredging channel efficiency currency credit channels.