金融集聚、产业结构与货币政策区域效应研究——基于空间面板模型

Research on financial agglomeration,industrial structure and regional effects of monetary policy——Based on spatial panel data

随着各地区经济金融水平发展差距的扩大,特别是各地区在金融基础、产业结构方面的差异,货币政策会出现一定的区域效应。为进一步了解金融基础和产业结构对货币政策区域异质性的影响,本文将我国31个省(直辖市)作为分析对象,构建1999-2016年空间面板模型,从金融集聚和产业机构的角度对影响货币政策区域效应的原因进行探索,并就应对货币政策区域效应、提高货币政策效果提出政策建议。研究发现,货币政策区域效应在我国是客观存在的,且随着时间推移发生了变化;金融集聚、产业结构变动对货币政策效率有较为显著的影响。

As the development gap between the economic and financial levels of various regions widens,especially the differences in the financial base and industrial structure of various regions,monetary policy will have certain regional effects.In order to further understand the impact of the financial foundation and industrial structure on the regional heterogeneity of monetary policy,we take 31 provinces(municipalities)of our country as the analysis object,study the financial agglomeration and industrial structure changes in different provinces during the 1999 to 2016,and construct a spatial panel model to explore the reasons and put forward policy suggestions on how to deal with regional effects of monetary policy and improve the effect of monetary policy.The study found that regional effects of monetary policy exist objectively in China and have changed over time;financial agglomeration and changes in industrial structure have a significant impact on the efficiency of monetary policy.