The Research of Efficiency of Chinas Monetary Control Policy
The goal of monetary policy is to maintain the level of prices,the foreign exchange market and financial market stability,thereby promoting economic growth.In view of the current liberalization of international capital controls in China,the impact of different forms of capital flows on monetary policy is worthy of attention.Serious study of the efficiency of the monetary policy transmission operating mechanism for Chinas economic changes will stabilize the macro-economic with positive and practical significance.Based on the empirical analysis for the central bank balance sheet,we can find that since 2000,foreign exchange inflow had lead the base money delivery for a long time.After 2012,with the changes in control tools and foreign exchange reduction,the base money delivery is gradually shifted from passive to active.Commercial banks on monetary policy tightening will usually take measures to circumvent,thus weakening the central bank monetary control efficiency.There is an asymmetric phenomenon in the existence of monetary policy,which means that rational investment in financial markets can weaken the monetary control efficiency.Inflation will accelerate the appreciation of asset prices and finally weaken the efficiency of monetary control.
monetary policy control efficiency financial market inflation
Zhang Xiangguo
Adam Smith Business School,University of Glasgow,Glasgow,United Kingdom,G12 8QQ
国际会议
大连
英文
391-403
2018-07-06（万方平台首次上网日期，不代表论文的发表时间）