The implementation of monetary policy between China and the United States Comparative Study of the means and the performance difference
|School||Shanghai Academy of Social Sciences|
|Keywords||Monetary policy Transmission mechanism Interest rate Bond Reserve ratio|
Monetary authorities to fulfill the duties can be divided into policy tools, processes (conduction) and the effect of policies. China’s monetary policy is largely developed market economies monetary policy simulation. Practice shows that the effectiveness of China’s monetary policy was not significant, This developed market economy countries (such as the United States) the effectiveness of the monetary policy is a sharp contrast. From 2004-2006 monetary policy and the practice data, Analysis of monetary policy and the implementation of effective policies, and with the situation in the United States were analyzed. Summarized China’s current monetary policy transmission mechanism of the problem, and based on research of the policy proposals. My thesis that the current interest rate policy is not changed by the currency market to influence interest rates but mandatory changes in interest rates to affect the currency market supply and demand, This high-risk development finance institutions unsound situation together, the appearance of the underground financial development, and the underground financial irregularities costs and the high cost channels, only affect the cost of funds of its interest rate policy limited impact. Papers on China-U.S. open structure of the stock market, with a circulation structure, mobility and other aspects of comparative analysis and to explore the open market in China, a number of deficiencies, and the monetary policy transmission mechanism of the effects. Comparative analysis of the paper China issued reserve rate policy changes frequency, differential reserve ratio based on the formulation. an improved direction. And the 2006 raised the statutory reserve ratio of the effect of policies conducted in-depth analysis, This series of policies that successful recovery from the market a lot of base money, but because mobile market, and no commercial banking system have a multiplier effect, and the current rate is still rising rapidly. and further accelerate the trend; that the fundamental reason is the unreasonable level of the RMB exchange rate. Papers of the United States policy of moral persuasion of the financial innovative approach currency of the world monetary nature of the comparative analysis and that its monetary policy and conduction effect. Through a series of comparative analysis, the paper presents a series of sound monetary policy transmission mechanism, include tax cuts, increased debt, and expand the scale of the bond market, the development of enterprise debt, asset-backed and mortgage bonds support, the central bank to gradually reduce the use of paper; liberalize interest rates for deposits and loans, and gradually achieve a market-oriented interest rate; changes in statutory reserve differential rate based on the formulation and change the statutory reserve deposit, In accordance with the actual needs of establishing a statutory reserve ratio, adjusted to reduce the frequency and so on policy recommendations.