The Study of China's Excess Liquidity and Monetary Policy Improvement-Based on the Empirical Analysis of 2004-2010

摘要

This article made an empirical analysis based on the data of 2004-2010,about monetary policy's regulative effect under the counter-flow mobile surplus background.The findings indicated that the open market service, deposit reserve ratio and the interest rate regulation have different effect in the function, although they have certain function to reduce liquidity crunch, but the effect is not remarkable. Finally, the article proposed the suggestions for improvement of monetary policy improvement to the restriction factor which existed in view of our country monetary policy tool and in the function mechanism,including exchange rate policy coordination,perfect monetary policy tool and conduction mechanism.