Research On China's Monetary Policy Tools Influence On Economic Growth

After the U.S.financial crisis in 2008,the world economic growth continued being slow.The monetary policy differentiation and monetary policy tools innovation of major developed economies emerge in endlessly.At the same time,the domestic economic slowing down,the liquid problem,social financing structure changing and the rapid development of financial innovation are the background,our country began to use innovative monetary policy tool to stimulate economic recovery and growth.Through guiding long-term interest rates,directly injection of liquidity and changing the method of portfolio,the intention of the monetary policy tools can bet passed to the economy,stimulating economic growth.At the same time,adjusting of economic structure,ensuring and improving people's livelihood,saving energy resources,raising the quality of economic growth have played a role.Therefore,studing the issue of monetary policy tools innovation to economic growth has very important theoretical significance and practical significance.In this article,combinating of qualitative analysis and quantitative analysis,theory and practice,and comparative analysis.Giving a further study of the effect of monetary policy innovation to our country economic growth channels and effect.Finally combining with the actual situation of our country,put forward the corresponding policy recommendations.The full text is divided into six parts:The first part,introduction.Elaborating the background of the topic at home and abroad,as well as the theoretical and practical significance.In a more comprehensive summary of literature at home and abroad,illuminates present study of the innovation of monetary policy tool economic growth.Put forward the research contents and methods,tinsufficient and innovation points in this paper.The second part,the definition and theoretical analysis of monetary policy and economic growth.Defining the monetary policy,monetary policy tools,and economic growth related concepts.Summarizes the the monetary policy tools innovation theory and effect theory of monetary policy tools to economic growth.The third part,the monetary policy tools innovation of developed economies after the crisis and the enlightenment to China.In the United States,Japan,Europe and UK's,comparative analysis the similarities and differences of the monetary policy tools innovation characteristics and trend,summarize its monetary policy tools innovation operation for enlightening to our country.The fourth part,the qualitative analysis of Chinese monetary policy tools innovation impact on economic growth.This paper introduces the present situation and problems of China's monetary policy innovation,analyzes the existing the influence of the channels of innovative monetary policy tools and the effect on economic growth.At last,showing the factors affecting the effects of monetary policy tools to economic growth.The fifth part,empirical analysis of China's monetary policy tools innovation impact on economic growth.Selecting the index of interest rates,reserve tools,intermediary target indicators,indicators of economic growth,and on behalf of the innovation of the tools of the monetary policy virtual variables.Using VAR model to verify the monetary policy tools and its innovation effect on economic growth.The sixth part,recommendations.Summarize the above research conclusions,and put forward the suggestions,about the policy tool innovation,intermediate targets,and monetary policy.