The Research On The Effect Of The Bank-based Financial Accelerator

With the development of information technology,the emergence of Internet-based financing and booming of emerging finance markets,financial assets turnovers are much higher than the entity economy trading volume.In China,the macro economy gradually shows the feature of "financial non-neutrality".Monetary policy is critical means of macro-economic control by government.However,it may produce different results in the various financial environment.Because of the acceleration of interest rate liberalization in our country,banks need to adapt the financial accelerator caused by monetary policy or rate fluctuation.The central bank of China must accurately estimate the effectiveness of monetary policy and currency regulation.Through analysis of the bank-based financial accelerator of monetary policy,combined with existing economic methods,this thesis expound the operation and conduction mechanization of financial accelerator.The detailed information are as follow:initial external impact ? capital price ? balance sheet ? net assets of enterprises?external financing premium?loan?investment and output.The paper also states the process of interest rate liberalization in our country and points out that the interest rate control may impede the operation of financial accelerator by discussing the effect of interest rate for financial accelerator.Meanwhile,the empirical data selection interval when we study financial accelerator are decided by the process of interest rate liberalization.Furthermore,the standard of external financing premium are also determined by it.Besides,according to mathematical theory,we build a mathematical model to deduct the conduction of bank-based financial accelerator of monetary policy and give the comparative analysis of the actual conduction process in two different market conditions.The initial external impact may show the feature of "little input,much output".In a condition of interbank market exciting friction,financial accelerator passes through together with save market and interbank market.Moreover,we construct a TARCH model to research financial accelerator asymmetry,choosing monetary policy impact,external financing premium,and loan for input variables.At last,the research collected various economic data from the first quarter of 2007 to the first quarter of 2014 to empirically test the conduction of bank-based financial accelerator of monetary with VAR.According to the impulse responses,in financial accelerator of monetary with VAR.According to the impulse responses,in China,banks have financial acceleration significantly.Meanwhile,the empirical tests with TARCH model prove that the financial accelerator is asymmetry.The effect caused by negative impact is much more than it caused by positive impact.