欧元区货币政策区域效应研究

发布时间：2018-01-12 19:06

本文关键词：欧元区货币政策区域效应研究　出处：《华东师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：欧元区一度被视为区域货币一体化的典范,但欧元区的创立并非完全是欧洲经济一体化的内生的结果,欧盟各成员国政府的外生力量更为重要。众多的文献表明,欧元区各个成员国之间在社会经济发展水平上存在显著的差异,至今仍未能达到构建最优货币区的标准,因此由单一的欧洲中央银行对成员国施行统一的货币政策难免出现顾此失彼的现象,不能兼顾各国的具体目标。同时,由于各国在货币政策传导机制上的差异,欧洲中央银行所实施的货币政策在各个区域产生政策效应在程度和时滞上存在差异,由此便产生了货币政策的区域效应。当货币区内部各个地区经济增长与财政政策步伐一致时,这种区域效应并不显著,但当货币区面临非对称冲击时,区域效应所带来的矛盾便在各地区之间凸现出来,因此在主权债务危机的背景之下,对欧元区货币政策区域效应的研究有着现实的指导意义。本文首先从货币政策的目标、工具以及欧元区货币政策决策机制的角度对欧元区的货币政策体系进行了分析,并对欧洲中央银行在2001年至2012年间的货币政策操作进行回顾与总结,探讨了现有欧元区货币政策体系存在的可能导致货币政策区域效应的问题。随后,从货币政策传导机制的利率渠道、信贷渠道以及汇率渠道的角度讨论了货币政策区域效应的影响因素并应用格兰杰因果检验与VAR模型对欧元区货币政策的区域效应进行了实证检验。实证检验结果说明单一货币政策对欧元区不同成员国造成的影响存在显著差异,小国与外围国家受到货币政策的冲击程度更为严重,欧洲中央银行的货币政策事实上为经济规模较大的成员国所主导。最后,提出了改善货币政策决策机制、强化财政纪律、疏通货币政策传导渠道以及进一步推动欧洲经济一体化等建议。
[Abstract]:The euro zone was once regarded as a model of regional monetary integration, but the creation of the euro zone was not entirely an endogenous result of European economic integration. The exogenous forces of the governments of the member states of the European Union are more important. Numerous documents show that there are significant differences in the level of social and economic development among the member states of the euro zone. Up to now, the standard of constructing the optimal currency area has not been reached, so it is inevitable that the single European Central Bank carries out the unified monetary policy to the member countries, which can not take into account the specific objectives of each country. Due to the differences in the transmission mechanism of monetary policy in different countries, the monetary policy implemented by the European Central Bank has different policy effects in different regions in terms of degree and time lag. Thus the regional effect of monetary policy is produced. When the economic growth of each region in the monetary area is consistent with the pace of fiscal policy, the regional effect is not significant, but when the currency area is facing asymmetric impact. The contradiction brought by the regional effect appears among different regions, so the study of the regional effect of monetary policy in the euro zone has practical guiding significance under the background of the sovereign debt crisis. This paper first analyzes the monetary policy system of the euro area from the perspective of monetary policy objectives, tools and the monetary policy decision-making mechanism in the euro area. It also reviews and summarizes the monetary policy operation of the European Central Bank from 2001 to 2012. This paper probes into the problems existing in the existing monetary policy system in the euro area which may lead to the regional effect of monetary policy. Then, from the interest rate channel of the monetary policy transmission mechanism. From the perspective of credit channel and exchange rate channel, this paper discusses the influencing factors of the regional effect of monetary policy, and applies Granger causality test and VAR model to empirically test the regional effect of monetary policy in the euro area. The results show that there are significant differences in the impact of the single monetary policy on different member countries of the euro zone. The monetary policy of the European Central Bank is in fact dominated by the larger member countries. Finally, it proposes to improve the decision-making mechanism of monetary policy. Strengthen fiscal discipline, ease monetary policy transmission channels and further promote European economic integration and other proposals.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F821.6

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