最新货币政策区域效应金融结构.docx

?摘 要?在我国这样一个幅员辽阔的大国，各地区经济发展各不相同的条件下，执行单一的货币政策对不同地区经济的影响是不一致的。为了更好地利用货币政策调控宏观经济，更好地理解货币政策的执行效果，本文对货币政策区域效应产生的原因进行了分析。?本文首先介绍了整个货币政策体系以及货币政策理论的发展，对我国是否满足最优货币区理论进行了验证分析，由于数据的可得性因素限制，结合蒙代尔的最优货币区理论，对要素流动性和通货膨胀差异两个条件进行了验证，得出我国并不满足最优货币区理论。鉴于以前的文献已经对货币政策区域效应的存在性进行了验证，本文并没有再利用VAR方法验证其存在性。而是着重探讨了我国货币政策存在的原因。?对于货币政策区域效应产生的原因，结合我国近年来的宏观经济金融数据做了一系列图表对比分析。认为主要是三个方面的因素，一是在货币政策传导过程中传导途径的环境因素不同，二是地区宏观经济的差别，三是地方金融结构的差异。宏观经济中的GDP，产业结构，进出口结构的差异都可能对货币政策效果产生影响。file:///C:\Users\Administrator\AppData\Local\Temp\Rar$EX00.543\full\2bad9dd03fd74317a6babbd327c4c4b5.html金融结构差异，例如金融市场发达程度，银行规模的不同也会影响货币政策执行效果。?关键词：货币政策；区域效应；金融结构?Abstract?Our country has large earth and different kinds of economics. In such country, the single monetary policy may have different effects on the economics of different districts. For using the policy to control the macro-economy better, for understand the effect of the practice of monetary policy better, my paper analysis the cause of the regional effect of monetary policy.?My paper introduces the monetary policy system and the theory first. Exams whether satisfy the theory of optimum currency area. Since the limit of the data that we need, according to the theory of optimum currency area, it just exam the condition of the liquidity of element and the difference of the inflation rate. I get that our country can’t satisfy the condition of optimum currency area. Since the former paper had analysis the being ness of the regional effect of monetary policy, my paper don’t use the VAR method to do it, otherwise, emphasis the cause why the effects are regional.?The reason, according to the macro-economy and financial data of the recent years of our country, is mainly three factors. One is the difference of environment during the transfer of the policy. Another is the difference of regional macro-economy. The third is the difference of regional financial structure. In the macro-economy, the difference of GDP, industry structurea and the structure of import and export may be t