区域金融结构差异视角下货币政策区域效应研究

发布时间：2019-07-04 14:02

【摘要】：货币政策是一国中央银行调控宏观经济的重要手段。我国幅员辽阔，又处在经济转型期，经济发展的基本特征是区域发展不平衡。我国东部、中部、西部以及东北地区的金融发展程度不一。在一般的理论研究中，区域同质化是研究货币政策传导的假设前提。然而在实施过程中，很难满足这种经济学意义的假设前提，各区域内的金融结构存在相当之大的差异。本文首先对国内外有关金融结构以及货币政策区域效应的研究文献进行了回顾与评述，以金融结构理论为切入点，从金融机构和金融市场的角度分析区域金融结构差异与货币政策传导机制的相互关系，分析其作为金融中介在货币政策传导机制中的重要作用。然后，理论与实际相联系，综合银行业、证券业和保险业的各项指标，利用因子分析法构建区域金融发展指标，以定量的方式描述我国区域金融发展差异，并且采用多种金融结构指标从区域金融机构差异和区域金融市场差异两个角度，，更细致的对四大区域的金融结构差异进行描述。本文实证选取1984年—2010年27年的年度数据，运用VAR模型以及脉冲响应函数实证检验了我国货币政策存在区域效应，发现在国家统一货币政策的作用下，我国东部地区对货币政策的反应与全国总体情况拥有更大的一致性。我们从金融结构差异的角度对货币政策区域效应产生的原因进行分析，认为差异产生的原因是区域间金融总量、金融机构以及金融市场的结构不一致，东部地区与中、西、东北地区的金融结构差异明显。东部地区金融发展程度较高，对金融资源的占有量也有绝对优势。在文章的最后提出了解决货币政策区域效应的关键在于优化金融总量结构、金融机构结构和金融市场结构的政策建议，并且提出在区域金融结构差异存在的现状短期不能改变的情况下，应当实施区域化存款准备金政策、再贴现政策和公开市场操作政策。
[Abstract]:Monetary policy is an important means for a country's central bank to regulate and control macroeconomics. China has a vast territory and is in the period of economic transformation. The basic characteristic of economic development is the imbalance of regional development. The financial development of eastern, central, western and northeast China is different. In general theoretical research, regional homogenization is the hypothetical premise of studying monetary policy transmission. However, in the process of implementation, it is difficult to meet the hypothesis of economic significance, and the financial structure in each region is quite different. This paper first reviews and comments on the research literature on financial structure and regional effect of monetary policy at home and abroad. Based on the theory of financial structure, this paper analyzes the relationship between regional financial structure differences and monetary policy transmission mechanism from the perspective of financial institutions and financial markets, and analyzes its important role as a financial intermediary in monetary policy transmission mechanism. Then, the theory and practice are related to each index of banking, securities industry and insurance industry, and the regional financial development index is constructed by factor analysis method to describe the difference of regional financial development in China in a quantitative way, and a variety of financial structure indicators are used to describe the financial structure difference of the four regions from two angles of regional financial institution difference and regional financial market difference. Based on the annual data from 1984 to 2010, this paper empirically tests the regional effects of monetary policy in China by using VAR model and impulse response function. It is found that under the action of national unified monetary policy, the response of eastern China to monetary policy is more consistent with the overall situation of the whole country. From the point of view of the difference of financial structure, we analyze the causes of the regional effect of monetary policy, and think that the reasons for the difference are the total amount of finance, the structure of financial institutions and the structure of financial market, and the difference of financial structure between the eastern region and the central, western and northeast regions is obvious. The eastern region has a high degree of financial development, and also has an absolute advantage in the possession of financial resources. At the end of the paper, the key to solve the regional effect of monetary policy is to optimize the total financial structure, the structure of financial institutions and the structure of financial market, and puts forward that the policy of regionalized deposit reserve, rediscount policy and open market operation policy should be implemented under the condition that the present situation of regional financial structure differences can not be changed in the short term.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F832

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