中国金融结构对货币政策传导渠道的影响:1993～2011

The Influence of China's Financial Structure on the Transmission Channel of Monetary Policy:1993～2011

选取1993～2011年时间序列数据分析中国金融结构对货币政策传导渠道的影响,实证结果表明金融结构对货币政策传导过程产生了显著影响:中国的金融结构弱化了信贷传导、货币供给量传导、汇率传导的效果,但在利率传导与资本市场传导过程中金融结构未起到显著影响。然后在理论与实证研究基础上提出增强货币政策传导效果以及进一步优化调整目前中国金融结构的建议。

The paper studies the influence of China＇s financial structure on the transmission channel of monetary policy by using time series data from 1993 to 2011, and the empirical results show that China＇s financial structure has significant influence on the transmission channel of mone- tary policy. China＇s financial structure weakens the effects of credit transmission, monetary supply transmission and exchange rate transmission. However, financial structure has no influence on in- terest rate transmission and capital market transmission. Some suggestions on how to strengthen the transmission effect of monetary policy, and further optimize and adjust China＇s present financial structure are proposed based on the theoretical and empirical analysis.