Research On The Effectiveness Of The Total Social Financing As An Intermediary Monetary Policy Objectives

In1996,the People’s Bank of China money supply as the intermediate target of monetary policy, and the size of credit as a secondary target, but with the financial market breadth and depth With the rapid development of new financial products and endless financing instruments, resulting inmoney supply as the intermediate target of monetary policy in China in the specific implementation process often exhibit inefficient. The central bank by the end of2010, total social financing the financial quantitative indicators support the real economy, compared to the money supply, can fully reflect the financial and economic relations, as the intermediate target of monetary policy better.Select monthly data from2002to2011the total social financing, using the method of combining theory and empirical analysis, testability, controllability, the correlation three aspects discussed money supply as China’s monetary policythe validity of the intermediate target, thereby further policy recommendations.The full text is divided into a total of five parts. The first part discusses the research background and significance of domestic and foreign scholars and Monetary Policy Research analysis. The second part of the detailed definition of the concept of total social financing, and discusses the intermediate target of monetary policy theory. Testability, controllability and effectiveness of the total social financing as the intermediate target of monetary policy, the third part of the analysis, and compared to other intermediate target. The fourth part of an empirical test of the total social financing and the relationship of GDP and CPI use Eviews6.0software, the use of stationary test, Granger causality test, vector error correction model and impulse response function of econometric methods to study the social The total financing as an intermediary purpose of effectiveness. The fifth part of the total social financing as the lack of intermediate target of monetary policy put forward policy recommendations.