ABSTRACT
From Figure 1, the change in the ratio of commercial bank deposits in total liabilities is relatively stable, it meaning deposit disintermediation trend is not obvious. The total loans of commercial banks in the total assets is smaller proportion, which from 70% in 2002 down to 45% in 2013, although a slight increase from 59.6% in 2004 to 60.1% in 2005, but still below the 78.2% in 2002, so it clearly shows the trend of loans disintermediation in commercial banks. Notably, the proportion of commercial bank deposits in total liabilities is much higher than the proportion of loans in total assets, and the gap between around 20 percentage points, indicating that the dominant position of the bank’s financing
1 INTRODUCTION
Financial disintermediation occurred in the financial system is an economic phenomenon, and the financial system is the the bridge which connect monetary policy and the real economy. Therefore, the generation of financial disintermediation inevitably affect the transmission of monetary policy, thereby affecting the implementation of the results of monetary policy. Scholars to define the concept of financial disintermediation Despite various representations, but just have different perspectives on the discussion. Scholars have various statements within the concept of financial disintermediation, but it just has different angles on the discussion. In this paper, financial disintermediation is refers to liquidity departing from the banking intermediation, investment or financing in the capital markets. From the bank, business perspective, combined with the practice of financial disintermediation, the author attempts to explore forms of financial disintermediation. Researching on the effect of monetary policy transmission the on financial disintermediation, it is to avoid the operation of monetary policy dilemma, thereby ensuring stable economic development, which has some practical significance [1].
