基于地区金融差异的货币政策区域效应分析-analysis of regional effects of monetary policy based on regional financial differences.docxVIP

AbstractIn our countrys decades of historical change, monetary policy is an important macroeconomic regulation and control tools, it played a very important role in maintaining price stability and promoting economic growth. Our country executes unified monetary policy, but after decades of development, the level of economic development, industry structure, market-oriented financial aggregates, and financial structure are differences in various regions in China, due to these differences, the implementation of monetary policy in the country will be different, and it will lead to the effect of the weakening of the implementation of monetary policy, while increasing individual imbalance between the regions, this process, which we call the regional effects of monetary policy. We study on the reason of the regional effects, then we can fully consider the development of a regional financial differences when we formulate and implement monetary policies, thereby reduce the presence of the regional effects, this is the meaning and focus of this paper.We begin with the monetary policy transmission mechanism theory, then put forward the existence of monetary policy area effect on the analysis of the monetary policy transmission environment difference, based on this, we select four cities instead of four traditional economic zones, east, middle, west and northeast. then analyze the differences in their level of financial development. We have a brief review of the various stages of Chinas monetary policy, then select a large number of economic data of these representative cities and provinces, using VAR model and impulse response function, to empirical monetary policy area effect existence from the monetary transmission mechanism of the internal and external two process. Finally, we find out the reasons in order to narrow monetary policy area effect better from now on and promote the coordinated development of the regional economy.Keywords: Differential regional effects of moneta