中国利率政策区域效应分析--以沿海三大经济圈为例-analysis of regional effects of chinas interest rate policy - taking three coastal economic circles as examples.docxVIP

II II Abstract With the further deepening of the international financial crisis and the outbreak of the debt crisis in Europe in recent years, more and more countries began to pay close attention to the interest rate risk. European countries, the United States and other developed countries gradually abandoned money supply, which is the intermediate target in the traditional monetary policy, and use interest rate policy. With the advancing of market-oriented reforms, our country’s central bank also gradually emphasize the use of interest rate tool. Due to the implementation of the “unbalanced development strategy” since the reform and opening up in our country, the regional economic differences are very huge, and the unified monetary policy will inevitably produces regional effects. As China’s economic growth pole, the three major economic circles’ industry and firm size, economic openness and financial development are different. Can the differences lead to the regional effects of the interest rate policy? What are the causes and inner mechanism? To choose the coastal three major economic circles as the object of study area has an important economic and strategic significance on the one hand, and also can draw a more specific reason for the regional effects of the interest rate policy and thus help us construct a more reasonable analytical framework, which will lead government to a more targeted implementation of interest rate policy and regulate macroeconomic more reasonable. Based on the above reasons, we select our country’s eastern coastal areas of Jing-Jin-Ji Delta, Yangtze River Delta and Pearl River Delta as the research area of the regional effects of interest rate policy, the main content is as follows: First, we use comparative analysis method and start from the perspectives of economic structure, financial structure, as well as the economic cycle that may lead to the regional effects of interest rate policy, and summarize the differences in economic levels