| The Empirical Study of Monetary Transmission Mechanism in China During the Transformed Period |
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| 作者姓名： | MO Gao-qi RAN Mao-sheng ZHONG Tao |
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| 作者单位： | 1. Guangdong Polytechnic College, Guangzhou 510520, China; 2. College of Economics and Business Administration, Chongqing University, Chongqing 400030, China |
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| 摘 要： | This paper follows the Cointegration Test and Granger Causality Test based on the Vector Auto-regression Model to estimate the impacts of monetary channel and bank-lending channel on macro-economy respectively and investigates the different effects of the two channels on the latter using the OLS during the 1994 - 2002 sample period in which the monetary policy was transformed from being directly-controlled to being indirectly-controlled by the central bank in China. The result shows that the monetary channel and the bank-lending channel are both the important channels of Chinese monetary transmission, while the impact of latter on macro-economy is stronger. So the bank-lending channel plays a dominant role in the monetary transmission in China. Policy implications are made in the conclusion.
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| 关 键 词： | monetary policy transmission mechanism monetary channel bank-lending channel |
| 收稿时间： | 2005/5/10 0:00:00 |
| 修稿时间： | 2005/5/10 0:00:00 |
The Empirical Study of Monetary Transmission Mechanism in China During the Transformed Period |
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| MO Gao-qi,RAN Mao-sheng,ZHONG Tao.The Empirical Study of Monetary Transmission Mechanism in China During the Transformed Period[J].Storage & Process,2005(11):154-156. |
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| Authors: | MO Gao-qi RAN Mao-sheng ZHONG Tao |
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| Institution: | 1. Guangdong Polytechnic College, Guangzhou 510520, China; 2. College of Economics and Business Administration, Chongqing University, Chongqing 400030, China |
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| Abstract: | This paper follows the Cointegration Test and Granger Causality Test based on the Vector Auto-regression Model to estimate the impacts of monetary channel and bank-lending channel on macro-economy respectively and investigates the different effects of the two channels on the latter using the OLS during the 1994 - 2002 sample period in which the monetary policy was transformed from being directly-controlled to being indirectly-controlled by the central bank in China. The result shows that the monetary channel and the bank-lending channel are both the important channels of Chinese monetary transmission, while the impact of latter on macro-economy is stronger. So the bank-lending channel plays a dominant role in the monetary transmission in China. Policy implications are made in the conclusion. |
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| Keywords: | monetary policy transmission mechanism monetary channel bank-lending channel |
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