The Effectiveness Analysis Of Financial Disintermediation On Monetary Policy Transmission

Along with our country economic and financial deepening reform and the development of financial markets, asset prices tools of the proportion of direct financing is also rising. And further speed up the interest rate liberalization, the Internet as the medium of the Internet financial, further promoted the deepening of financial disintermediation, important influence on monetary policy transmission, and the deepening of the financial liability party disintermediation, prompted the money multiplier become complex and larger, so that the central bank’s ability to control the money supply is facing severe challenges, the money supply as the target of monetary policy, its effectiveness is declining, to the amount of money supply as the intermediary target control, steering with short end rates for intermediary target price regulation is desperately needed.In this paper, based on domestic and foreign about the financial disintermediation and the research achievements of monetary policy transmission channels, first of all, analysis, and describes the definition and measurement of financial disintermediation indicators, in our country development present situation and causes, and then from two channels of interest rates, asset prices theoretically analyzes the financial disintermediation deepen influence on China’s monetary policy transmission, which take into account the interest rate in China can be divided into control and interest rate market interest rates, each transmission channels can be divided into three stages, interest rates and money supply two dimensions, and finally set up eight VAR model, using the quarterly data from 2005 to 2014, through unit root and cointegration test, impulse response and variance decomposition method of empirical research on the deepening of financial disintermediation of the interest rate, assets price transmission channels of monetary policy in our country...