| In recent years,with the spread of the Internet and the development of big data technology,the development of digital finance has become increasingly active in every area of economic society.The rapid development of digital finance,based on new technologies such as information technology,big data,and artificial intelligence,has contributed to the structural reform of China’s financial system,improving the mode of the traditional financial system and bringing new opportunities for the transmission mechanism of monetary policy.The development of digital finance has improved the efficiency of resource allocation,accelerated the flow of monetary funds,increased the difficulty of monetary policy operation and transmission,and enabled central banks to analyze the impact of digital finance when making monetary policy decisions.The economic environment in China has been affected by the development of digital finance,changing the transmission effect of monetary policy.The government regulates the economic cycle by formulating monetary policy,and the central bank adjusts interest rates and money supply to achieve the economic objectives of monetary policy,such as economic growth,full employment,price stability,and international balance of payments.An effective transmission mechanism of monetary policy can improve market efficiency and promote economic development.Therefore,it is of great research significance to systematically analyze and study the transmission mechanism of enabling monetary policy through the development of digital finance.Based on the above context and significance,combined with macro time series data,this paper will analyze the changes brought by digital finance to the economy and society,as well as conduct an in-depth study of the macro and micro mechanisms affecting the transmission mechanism of monetary policy.This paper puts forward a research hypothesis through the analysis theory,and innovatively uses an empirical research method,establishing a time-varying parameter vector autoregressive(TVP-VAR)model to study and analyze the influence of the development of digital finance on the monetary policy transmission mechanism,and further explore its influence effect and mechanism on the monetary policy credit transmission mechanism and interest rate transmission mechanism.The results show that with the rapid development of digital finance,both the country’s credit transmission mechanism and interest rate transmission mechanism have been affected to some degree.The development of digital finance has made it more difficult to measure and control the money supply,while improving the effectiveness of the interest rate transmission mechanism,through which the efficiency of monetary policy implementation can be improved.Therefore,this paper combines the current financial situation and provides relevant policy recommendations based on the findings of our government departments and financial institutions. |
