中国货币政策通过信贷途径传导机制的有效性检验

Test to the Effectiveness of China's Monetary policy by the Transmission Mechanism of Credit Loans

本文选取2000年1月至2008年9月中国货币供应量(M2)、金融机构人民币贷款总额及GDP的季度数据,分别建立了货币供应量与贷款总额、贷款总额与GDP之间的协整方程,得出当前中国货币政策的信贷途径传导机制是确实存在的且效率相对较高的结论。

This thesis applies the money supply （ M2 ）, RMB loans in financial institntions and the quarterly data from Jan. 2000 to Sep. 2008. It establishes the co-integration function between money supply and loans, and between loans and GDP. It concludes theat the influence of monetary policy on China＇s national economy through credit loan does exist in todays China, and the efficiency of this transmission is relatively high.