2008•Journal of Changchun Finance CollegeRequires access

Empirical Analysis of the Credit Transmission Channel of Monetary Policy in China

Ming‐Hua Liu, Faw Car

Abstract

We test the data from the first quarter of 1998 to the third quarter of 2007 with unit root test,co-integration test and granger causality test.The empirical results show that the transmission mechanism of monetary policy influences the real economy through the monetary channel and the credit channel in China,but comparing with the monetary channel,the credit transmission mechanism of monetary policy plays an even more important role.

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Key concepts: Credit channel, Monetary policy, Granger causality, China, Economics, Channel (broadcasting), Monetary economics, Quarter (Canadian coin)