中国货币政策效应的区域性配给均衡分析

发布时间：2018-03-15 23:03

本文选题：货币政策　切入点：区域　出处：《金融研究》2010年09期 　论文类型：期刊论文

【摘要】：本文应用向量自回归模型和广义脉冲响应函数实证研究发现我国存在显著的货币政策区域效应,通过修正贷款决策模型分析了信息不对称前提下我国转轨经济中的地域性信贷配给,其突出表现为金融市场中的"银政壁垒"。我们通过构建样本分割的阈值回归模型进行实证分析发现我国各区域货币政策效应具有显著的配给均衡特征。我国商业银行地域性信贷配给和结构性信贷配给行为一方面限制了金融资源的跨区域自由流动,另一方面通过信贷渠道对各区域实体经济产生非对称性影响。我国货币政策效应的区域性配给均衡突出表现为各区域货币政策效应的差异性和配给均衡特征。我们认为,区域差别化的货币政策调控并非解决我国货币政策区域效应问题的治本之策,打破金融市场中的"银政壁垒"才是解决问题的关键。
[Abstract]:In this paper, using vector autoregressive model and generalized impulse response function, we find that there are significant regional effects of monetary policy in China. Based on the modified loan decision model, this paper analyzes the regional credit rationing in China's transition economy under the premise of asymmetric information. Through the empirical analysis of the threshold regression model of sample segmentation, we find that the effect of monetary policy in various regions of China has significant rationing equilibrium characteristics. On the one hand, the behavior of regional credit rationing and structured credit rationing of banks restricts the free flow of financial resources across regions. On the other hand, the regional rationing equilibrium of monetary policy effect in China is characterized by the difference of regional monetary policy effect and the characteristics of rationing equilibrium. Regional differential monetary policy regulation is not the solution to the problem of regional effect of monetary policy in China. The key to solve the problem is to break the "barriers between silver and government" in the financial market.
【作者单位】：南京财经大学金融学院;兴业银行南京分行;
【基金】：中国博士后科学基金特别资助项目《转型期开放经济下的货币政策规则研究》(200801143) 教育部人文社会科学研究基金项目《基于新范式的中国货币政策信用传导机制研究》(09YJC790153)的阶段性研究成果
【分类号】：F224;F822.0

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