Monetary Policy Transmission in China—Theory and Empirics

Author: Research Team on Monetary Policy Transmission of the Guangzhou Branch of the People's Bank of China
Publisher:
Publish Date: 2004-10-01
Features: Monetary policy transmission is a core issue in both monetary policy theory and practice. In-depth research on the mechanisms of monetary policy transmission is of great significance for enhancing the effectiveness of central bank monetary policy. To this end, the Guangzhou Branch of the People's Bank of China established the Research Team on China's Monetary Policy Transmission under the leadership of President Ma Jing in September 2003 and compiled the book "China's Monetary Policy Transmission—Theory and Empirics." This book draws on modern Western monetary and financial theory and combines the economic and financial conditions and the implementation of monetary policy in China over the past two decades to conduct a comprehensive and in-depth exploration of the issue of monetary policy transmission. The book discusses the relevance of Western monetary policy transmission theories for China, reveals the channels and blockages of monetary policy transmission in China's financial and economic fields, and analyzes the impact of factors such as the economic system, economic cycle, credit environment, risk environment, and open environment on monetary policy transmission. Based on a comprehensive assessment of the current state and existing problems of China's monetary policy transmission, the book proposes an overall approach and specific countermeasures to improve China's monetary policy transmission mechanism.