2012•Nanjing Shenji Xueyuan xuebaoRequires access

A Comparative Study on Monetary Channel and Credit Channel:Based on the Statistics from 1994 to 2011

Zhou Zhi-mi

Abstract

There are two main channels in monetary policy transmission mechanism: monetary channel and credit channel.Chinese GDP is influenced by both monetary supply and loan balance,and the effect of total loans on GDP is bigger than monetary supply under the impact of the two standard deviation of monetary policy variables.As time goes by,the effect of monetary channel is gradually increasing while the effect of credit channel is weakening.

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Key concepts: Credit channel, Interest rate channel, Monetary policy, Economics, Monetary economics, Channel (broadcasting), Monetary hegemony, Inflation targeting