Dissertation > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods

Credit Rationing and Effectiveness of Monetary Policy Transmission

Author PanChangYou
Tutor JiangShuXia
School Xiamen University
Course Finance
Keywords Credit rationing Monetary Policy Threshold effect
CLC F832.4;F224
Type Master's thesis
Year 2009
Downloads 261
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Credit rationing as a phenomenon in economics , Adam Smith and Keynes and this was discussed , but it is also a highly scholars concern because credit rationing under asymmetric information is any country credit the emergence of a market may imperfections . Credit rationing as a social phenomenon prevalent in the economy , and its reason for being of great importance to many scholars , is that its existence will produce a series of economic effects , the paper that is to study the effectiveness of the central bank of the monetary policy transmission . The real economy , China's central bank monetary policy effect does appear to be an obvious transition point : before 1998, the central bank monetary policy on macroeconomic regulation effect can be quite effective in 1998 after the central bank monetary policy on macroeconomic regulation and control the effect is somewhat less satisfactory . In response to this phenomenon , the author of the actual credit rationing from the perspective of trying to explain the effectiveness of monetary policy transmission appears reasons for the decline . Needless to say , the impact of monetary policy transmission effect of many factors, such as policy enforcement , the main micro game behavior , etc., but from the conduction mechanisms influence is still one of its main aspects . Because at this stage of the credit channel of monetary policy transmission is the main channel , so the behavior of commercial bank credit rationing will naturally affect the central bank's money supply , and ultimately affect the regulation of central bank monetary policy effects . This effect is generally weakened regulation effect of monetary policy , the role of monetary policy elongated time lag . Combined with theoretical analysis, the author attempts to use Galbraith (1996) proposed a measure measurement model can reflect the degree of credit rationing and credit markets improve the degree of \The empirical results show that in our current capital market imperfections , other monetary policy transmission channels are not well play its role under the premise , commercial banks increasingly rational reform of credit resulting behavior will reduce the effectiveness of monetary policy transmission . Finally, also on the basis of the preceding analysis for the problems put forward relevant policy recommendations.

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