货币政策传导机制理论中的结构因素及其应用分析

Analysis of Structural Factors in the Monetary Policy Transmission Mechanism Theory and Its Application

货币政策传导机制理论表明中央银行的货币政策冲击如何引起微观经济主体的行为反应,它缺乏对结构因素特别是区域结构性因素的分析,而货币政策的实际运行是一个动态的结构性作用过程,由于不同区域的投资、消费利率敏感性差异、开放程度差异和商业银行发展和结构差异等方面的原因,会使货币政策实际运行中产生的传导过程和效果出现区域性差异,这一问题在欧盟已经引起足够重视,中国是一个处于经济转轨中的发展中大国,因而应该重视对基于区域金融差异的货币政策传导机制的研究。

Monetary policy transmission theories elaborate how the monetary policy shocks of central bank affect the micro economical behaviors, It lack of the structural factors especially the regional structural analysis, But the practice of monetary policy is a process of dynamic structural action. Because of some reasons such as the divergence of interest sensitivity of investment and consumption , open degree and commercial bank structure in different regions , the monetary policy transmission process and effect may result in divergence among regions. This problem has been emphasized in EU, China is a big country which is in economy transition , so we should attach importance to the study of monetary policy transmission mechanism on the base of region finance divergence in China.