基于资本流动视角的货币政策区域效应研究

发布时间：2018-03-16 14:38

本文选题：区际资本流动　切入点：货币政策区域效应　出处：《湘潭大学》2012年硕士论文　论文类型：学位论文

【摘要】：货币政策是指中央银行为影响经济活动所采取的措施，尤指控制货币供给以及调控利率的各项措施，用以达到特定政策目标。货币政策常常以总量形式出现，致使人们常常忽视了货币政策执行的差异性，这种差异性源于统一货币政策作用于不同微观主体时，各微观主体会对统一的货币政策做出如何的不同反应；统一的货币政策作用于不同的产业时，各产业对统一的货币政策会做出何种不同反应；统一的货币政策作用于不同区域时，不同区域会做出何种不同反应。从区域的角度看，统一的货币政策由于我国的区域差异会产生区域效应，，货币政策的区域效应会损害货币政策的整体执行效果，致使我国发达地区事实上长期得以隐形补贴，落后地区在统一货币政策下处于不利地位。而区际资本流动影响着货币政策传导的区域差异，因此把区际资本流动作为货币政策区域效应的成因来研究货币政策的区域效应意义重大。本文从利率的区域差异、企业结构的区域差异、产业结构的区域差异、对外开放程度的区域差异、资本货币市场的区域差异入手，运用定性定量的方法深入分析了地区间经济社会的差异如何造成货币政策的区域效应，货币政策的区域效应是怎样导致资本的区际流动，资本的区际流动又是如何加大货币政策的区域效应的。在此基础上，建立了基于资本流动的货币政策区域效应理论模型，将主要影响变量列入，重点探讨了适应性利率预期、利率滞后调、预期汇率调整对动态模型的影响，使理论的分析更加生动。并用计量方法进行了实证分析。实证了资本流动与区域实际利率、货币供应、区域地区生产总值存在长期稳定关系及各地区的产出对货币供应的反应不一。故此，本文着重从提高中西部地区的产业结构、创新货币政策工具区域化操作、完善中西部地区金融市场及金融机构体系、加快区域性专业政策银行建设步伐四个方面提出具体可操作的建议，以期遏制资本流动现状，提高我国货币政策整体执行效果
[Abstract]:Monetary policy refers to measures taken by the central bank to influence economic activities, especially measures to control the supply of money and regulate interest rates in order to achieve specific policy objectives. Monetary policy often occurs in the form of a total amount. As a result, people often ignore the difference in the implementation of monetary policy, which originates from the different reactions of different micro-subjects when the unified monetary policy acts on different micro-subjects; When a unified monetary policy acts on different industries, what different reactions will each industry make to the unified monetary policy; when a unified monetary policy acts on different regions, what different reactions will be made by different regions. The unified monetary policy will produce regional effect because of the regional difference of our country, and the regional effect of monetary policy will damage the overall implementation effect of monetary policy, resulting in the long-term invisible subsidy in the developed regions of our country. The backward areas are at a disadvantage under the unified monetary policy, and the inter-regional capital flow affects the regional differences in the transmission of monetary policy. Therefore, it is of great significance to study the regional effect of monetary policy by taking the inter-regional capital flow as the cause of the regional effect of monetary policy. This paper starts with the regional difference of interest rate, the regional difference of enterprise structure, the regional difference of industrial structure, the regional difference of degree of opening to the outside world, the regional difference of capital money market. By using the qualitative and quantitative method, the paper analyzes how the economic and social differences between regions cause the regional effect of monetary policy, and how the regional effect of monetary policy leads to the inter-regional flow of capital. On the basis of the regional effect of monetary policy, the regional effect model of monetary policy based on capital flow is established, the main influence variables are included, and the adaptive interest rate expectation is discussed. The impact of interest rate lag adjustment and expected exchange rate adjustment on the dynamic model makes the theoretical analysis more vivid. There is a long-term stable relationship between regional GDP and regional output. Therefore, this paper focuses on improving the industrial structure of the central and western regions and innovating the regional operation of monetary policy tools. Perfecting the financial market and financial institution system in the central and western regions, speeding up the construction of regional professional policy banks, and putting forward four practical suggestions in order to contain the current situation of capital flow and improve the overall implementation effect of monetary policy in China.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F224

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