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Over the past decade, the Chinese government has conducted the joint-stock   reform of state-owned commercial banks. The joint-stock reform improves the   marketization level of the ownership structure of commercial banks and   consequently leads to impacts on the effectiveness of monetary policy. This   paper first presents the impacting mechanisms of the joint-stock reform of   commercial banks on the effectiveness of monetary policy and then constructs   an empirical model to test those impacts. The empirical results show that the   increasing degree of joint-stock reform of commercial banks enhances the   effectiveness of expansionary monetary policy but weakens the effectiveness   of contractionary monetary policy in China

Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China