货币政策传导主体差异引发的区域效应研究

发布时间：2018-06-18 09:32

本文选题：货币政策 + 区域效应　；参考：《北京交通大学》2014年硕士论文

【摘要】：统一货币政策的有效实施具有一定的约束条件,即货币区内的各地区显现出经济均质化及经济周期一致性。但现实情况并非如此,由于我国区域间居民、企业的发展水平差异导致了区域经济发展水平的分层,在实施统一货币政策的前提下就会降低政策实施的有效性,从而引发区域效应。有关货币政策区域效应的研究在我国刚刚起步,不论是从相关的研究理论还是实证检验的方法都有很大的进步空间。本文将最优货币区理论与货币政策传导机制理论作为研究的理论基础,通过理论分析确定我国目前货币政策的主要传导途径为信贷渠道,并且该渠道的最终传导主体为社会中的居民与企业；明确了研究思路后,文章通过分析我国货币政策信贷传导机制下各微观传导主体的现状,证明了八大综合经济区中确实存在有现实差异；最终利用向量自回归模型进行实证检验,通过检验结果分析得出结论：各经济区居民与企业贷款行为差异是引发我国货币政策区域效应产生的因素。参照2005年国务院发布的《地区协调发展的战略和政策》报告要求,本文放弃了传统的东中西部区域划分,而采用更加细致的八大综合经济区划分法。国内外学者的研究成果通常根据经济发达程度或金融机构发展水平等宏观因素分析区域效应,而本文在明确我国货币政策信贷传导机制的前提下,找到了货币政策传导渠道的终端。在之前学者宏观到宏观的分析中,将微观传导主体差异创新性的引入研究内容,从现实出发力图从根源找到货币政策区域效应产生的原因,为我国货币当局在制定统一货币政策时提供传导主体区域差异方面的参考。
[Abstract]:The effective implementation of the unified monetary policy has certain constraints, that is, the regions in the currency area show economic homogenization and economic cycle consistency. However, the reality is not the case. Due to the differences in the level of the development level of the enterprises, the differences in the development level of the enterprises in China have led to the stratification of the level of regional economic development and the premise of the implementation of the unified monetary policy. This will reduce the effectiveness of policy implementation and trigger regional effects.
The research on the regional effect of monetary policy has just started in China. It has great progress in both the related research theory and the empirical test method. This paper takes the theory of optimal currency area and the theory of monetary policy transmission mechanism as the theoretical basis of the research, and determines the main monetary policy of our country through the theory analysis. The transmission channel is the credit channel, and the final transmission main body of this channel is the residents and enterprises in the society. After clarified the research ideas, the article proves that there are real differences in the eight comprehensive economic zones by analyzing the current situation of the micro conduction subject under the credit transmission mechanism of China's monetary policy. The result of the empirical analysis is that the difference between the residents and the enterprise loan behavior is the factor that causes the regional effect of the monetary policy in China.
Referring to the report requirements of the regional coordinated development strategy and policy issued by the State Council on 2005, this article gave up the traditional Eastern and western region division and adopted the more detailed division of the eight comprehensive economic zones. The research results of scholars at home and abroad are usually analyzed in terms of macro factors such as the economic development degree or the development level of financial institutions. On the premise of defining the credit transmission mechanism of monetary policy in China, this paper finds the terminal of the channel of monetary policy transmission. In the previous study of macro to macro analysis, the author introduced the research content of the difference innovation of the micro conduction subject, and tried to find out the reasons for the regional effect of monetary policy from the root of the reality. It provides reference for China's monetary authorities to provide regional differences in conducting monetary policy when formulating a unified monetary policy.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0;F832.4

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