Abstract:
This paper estimates the influence of the financial marketization process on the relative importance of the different transmission channels of monetary policy from the aspects of interest rate liberalization and shadow banking, by using the separation technology in the SVAR model. Results provide a reasonable empirical description of important features of Chinese monetary policy transmission. First, the quantitative channels represented by the credit channel are more important than the price channels like the interest rate and the exchange rate channel, which does not change along the progress of the financial marketization. Second, the process of the interest rate marketization mainly strengthens the effect of the interest rate channel, while weakens the other channels, especially the credit channel. Third, the development of shadow banking system relatively strengthens the asset price channel, and weakens the credit channel and the interest rate channel. This paper provides the empirical support for the necessity and effectiveness of the combination of price and quantity monetary policy regulation, under the condition that certain degree of friction still exists between financial and real economy markets. At the same time, it also shows thatin order to give full play to the interest rate liberalization reform and perfect price transmission mechanism of monetary policy, authorities not only need to strengthen the supervision of various forms of financial innovation, but also need for further market-oriented reform of the real economy.
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