An Empirical Study Of Monetary Policy Transmission Mechanism Based On The Perspective Of Financial Disintermediation

At present,with the continuous development of China’s financial industry,financial disintermediation continues to deepen.Many enterprises make full use of stocks,corporate bonds and other tools to obtain funds in the process of development.The public is not satisfied with only obtaining benefits from savings deposits,which makes financial disintermediation become the trend of economic and financial development.The development of financial disintermediation will not only increase the pressure of commercial banks,but also play an important role in the implementation of monetary policy.With the gradual relaxation of domestic interest rate control,the central bank needs to constantly adjust the interest rate framework based on the market development,and make full use of interest rate tools to improve the utilization rate of funds,so as to effectively play the role of monetary policy.Therefore,based on the perspective of financial disintermediation,this paper analyzes the transmission mechanism of monetary policy,which is of great value to the selection of monetary policy tools and objectives and the effective play of the role of macro policy.In the research process of this paper,the literature and theories of domestic and foreign scholars are analyzed first,and corresponding research methods are proposed on this basis.Secondly,analyze the development of China’s financial disintermediation from the perspectives of characteristics and reasons,sort out the development process of monetary policy transmission mechanism,and conduct research on related theories;finally,collect data from 2006-2019 to construct vector autoregressive The model and the STVAR model compare the impulse response graphs before and after financial disintermediation,and finally obtain the influence of financial disintermediation on the monetary policy transmission mechanism.The results show that:Positive effects;(2)Financial disintermediation has a restraining effect on the bank credit transmission channel of monetary policy;(3)Financial disintermediation has a positive effect on the asset price channel of monetary policy;(4)The role of financial disintermediation in strengthening the exchange rate channel is not obvious.However,it can be seen from the results that financial disintermediation has a limited promotion effect on interest rate channels and asset price channels,and its restraint on credit channels is very obvious.Therefore,financial disintermediation has a restraining effect on the overall monetary policy transmission mechanism.Through the analysis of the above content,it can be learned that my country should actively face the role of financial disintermediation in the development process,and select appropriate intermediary targets and control tools on this basis,so as to effectively promote the marketization of interest rates and establish a sound deposit insurance system.Reasonably adjust the credit structure,while continuously improving the multi-level capital market,continuously improving the Internet financial supervision system,and enhancing the beneficial effect of monetary policy in regulating the real economy.