| Along with the economic development and the construction of the financial system in our country, financial disintermediation becomes more and more obvious. Firms begin to raise money through the stock market, the firm bonds and other direct financing ways of financing, residents are no longer merely content with savings account interest in the bank. Financial disintermediation quietly changes the direction of the financial market in China, poses challenges to the development of commercial Banks, and to the central bank’s monetary policy implementation. At present, with our country’s basic financial deregulation of interest rate, the People’s Bank of China should establish and perfect the control framework of interest rate according to the new situation of our country market economy development. The central bank can use the rate tool to improve the efficiency of capital and macro-control. Making appropriate use of the lever of interest rates can make monetary policy transform into the price model and respect the market rule.This paper introduces the present situation of the development of Chinese financial disintermediation, reviews monetary policy transmission mechanism theory and expounds the intermediate target of monetary policy and the choice of the ultimate goal. Use the theoretical analysis and empirical analysis to explain the influence of financial disintermediation on the central bank’s monetary policy. In the part of empirical analysis, the index is built by the social financing scale data and the development of our country finance disintermediation process is divided into two stages, set up the VAR models according to the finance disintermediation at different stages with interest rates and credit as the intermediate target of, by comparing the conclusion of the development of the financial disintermediation, the monetary policy conduction ways through interest rates becomes more unobstructed, and weakness the effect of bank credit channel. |
PDF Full Text Request