Research On The Choice Of The Intermediate Target Of Monetary Policy In The New Financial Environment

Monetary policy intermediate target is an important part of the monetary policy framework, and the correct choice or not will directly affect the implementation effect of monetary policy. Since the 14 th National Congress of the party, the reform of the system of the socialist market economy continues to move forward. Full range of reforms including financial system reform, the reform of financial institutions, financial market reform, have experienced a process from the shallow to the deep. After twenty years of reform practice, China’s economic and financial environment has been a lot of new changes, and these new changes not only shaken the stability of the intermediate target of monetary supply, but also exposed the shortcomings of China’s monetary policy. Under the background of the new financial environment, it is important to study the choice of monetary policy intermediary target to improve the efficiency of government macro regulation and to establish the price regulation model.This paper adopted different researching idea from the previous scholars, that is, through the historical analysis method to explore the inherent logic between financial environment and monetary policy intermediary target selection. On the basis of this, the influencing factors in the new financial environment are analyzed theoretically, Then we construct two VAR models, One of them does not contain the new financial environment, and the other, which contains the new financial environment factor. Through the comparative analysis, under the new financial environment, the effect of money supply as the intermediate target is greatly reduced. After that, we describe the successful experience of foreign in Price-oriented regulation. On the basis of insight into the intention of China’s central bank, we find a price regulation model which is suitable for China’s national conditions, the "interest rate corridor" model, and analyzes the restricting factors in the implementation of the "interest rate corridor" control mode. Finally summarizes the research conclusions above and on the basis of this puts forward the following Suggestions:Countries should pay attention to the financial disintermediation on the impact of monetary policy effect when setting monetary policy, strengthen the regulation of Internet financial, shadow banking;deepening the reform of interest rate marketization, perfecting the interest rate transmission mechanism; Adjust the policy of the central bank operating mode, strengthen the price type control guide of market interest rates; We will deepen reform of the financial institutions and financial markets...