金融脱媒对货币政策传导效率影响效应的实证研究OACHSSCD

The influence mechanism of financial disintermediation on the transmission path and efficiency of monetary policy is complex and in-tricate,and its impact effect requires further theoretical and empirical research.This paper theoretically sorts out the influence channels of financial disintermediation on the transmission efficiency of monetary policy.The results show that financial disintermediation can enhance the transmission effi-ciency of monetary policy through interest rate transmission,asset prices,and balance sheet channels,but it can also reduce the transmission efficien-cy through the credit channel.The final result depends on the combined effect of the above transmission channels.On this basis,this paper establishes IS curve regression models and TVP-VAR models from static and dynamic dimensions for empirical research.The results show that the financial disin-termediation index in China has generally shown a fluctuating upward trend from 2002 to 2021.Financial disintermediation has improved the transmis-sion efficiency of monetary policy in China.Static analysis shows that the interest rate elasticity of the output gap in China has increased after including the financial disintermediation factor.Dynamic analysis shows that as the degree of financial disintermediation increases,the regulatory effect of China's price-based monetary policy has improved,but the improvement is relatively limited.Increasing the proportion of direct financing,promoting the transformation of monetary policy from quantity-based to price-based,and cultivating financial market entities sensitive to interest rate changes can be effective policy combinations in the future.At the same time,attention should also be paid to the possible impacts of legal digital currencies.