The Empirical Research Of The Impact On The Economic Growth By The Monetary Structure

1.Research contentsBased on the practice of the monetary and financial development in our country, this paper deepen the view of research from gross to structure,and study the evolutionary logic of monetary structure,trend of change and the effect of monetary structure on the economic growth, and use the empirically tools to testify the relations betweent monetary structure and economic growth..At last.this paper propose the policy implications based on our conclusion.Firstly.this paper introduces the traditional monetary supply theory, economic growth theory and the view of relations between money and economy in various schools.Through the review of the evolutionary process of monetary modal and divide the monetary levels based on the monetary fuction.and then we conclude the conception of monetary structure.Then,we analyse the change of our monetary structure based on the measure of QCI index.the result shows that.although the mobility of our money constantly represent the trend of the decrease in the mass.the trend of decrease become slowly after1996.the change degree of various monetary capital which has different cost of opportunity has somewhat decreased.and also the mobility of money tends to the stable state.Secondly, based on the frame of Solow-Swan model,this paper establish a total production function which use the money as the capital input to explain how can the proper structure promote the optimal economic growth.2.Research conclusionThe theoretical analysis shows that the proper structure is the inevitable condition of the fulfilling the optimal economic growth,the proper rate of mobility money and the quasi-money can promote the economic stability in the short-term and the long-term,while the overtop or the shortage of the mobility will has a impact on the optimal economic growth..The empirical results show that in the1952-2010years,there’s long-term balanced positive relation between the money supply(M1,M2) and economic growth which shows that our money supply represent the trait of nonneutrality.But the monetary liquidity ratio (monetary structure) would be unfavorable factors of economic growth,which shows that Chinese money supply hasn’t form a proper inner structure,the unbalance of liquidity money and the quasi-money has a negative effect on the economic growth. However, after the1990s,with the confirmation of the money supply as the intermediate target of the monetary policy by the central bank,our mechanism of monetary policy has been perfected,in some case,the monetary structure has been optimized and perfected,and the negative effect on the economic growth by the monetary structure seems to decrease. At the same time, because our country’s development of securities market is late, the operational mechanism is still not perfect.the anti-risk capability of the financial market needs further promotion,the fluctuation of the financial capital price is frequent and strong,the phenomenon of the market speculation is serious.So,as a new monetary tool,the financial security hasn’t become the important factor of promoting the economic growth.3.Policy suggestion of this paperThe central Bank should continue to carry out the monetary policy of which intermediate target is money supply,further practice the stable monetary policy,positively and reliably deal with the relations between economic stable and rapid development,economic structure and the anticipation of inflation,use the marketize tools and manners.keep the essential degree of regulation,control the head gate of mobility and keep the proper social financing scaleThe monetary regulation of the central Bank should transfer from the traditional gross to the model of focusing both on the gross and structure,use the conventional monetary policy and direct control to act on the bank,keep the proper rate of mobility money and quasi-money,and make the money supply not only content with the instant demand of the economy and society.but also keep the potential demand of the future.The regulation of the monetary structure make the transmission mechanism of the monetary policy more complex.At the time of using the money supply as the intermediate target.the government should incorporate various price of Non-monetary financial assets which drift away the monetary structure into the regulation system of monetary policy,strengthen the supervision of mobility and leverage and perfect the management system of financial institutions.market and industry.The selection of policy tools also should tend to be diversification.at the time of using the generalized monetary policy tools to practice.it should further use the selective tools to control the security market,consumer market and immovable property market,so as to rich and perfect the transmission mechanism of monetary structure.We must propel the reform of interest rates iberalization.carry out the rate syetem with more elastic according to the change of the monetary structure,and keep the sensitiveness toward rate by monetary structureGovornment must promote the proportion of the non-money financial capital in the financial department,rich the financial trade,and offer a gool environment for the development of security.insurance and entrust.open up a diversified investment channel so as to make the quasi-money of the monetary system enter into the economic activity through the manner of direct investmen, stock right and bond investment.