“长三角”地区货币政策效力差异实证研究

Empirical Study on the Difference of Monetary Policy Effectiveness in Yangtze River Delta

本文认为“长三角”城市货币政策环境的不同,导致货币政策效力存在明显城际差异,并运用计量经济学方法进行检验,结果表明经济越发达的城市货币政策效力越明显,经济发展差的城市货币政策效力相对较弱。为了缩小货币政策效力差异,关键在于打破行政壁垒,建立统一的区域货币政策协调机构;促进金融资产的自由流动,建立区域金融共同市场;强化金融创新能力,提升金融机构跨区服务功能。

This paper argues that the different environment of monetary policy in Yangtze River Delta leads to significant difference of policy effectiveness between cities. Econometrics analysis and testing used in the paper shows that monetary policy is more effective in better-developed cities, while it is less effective in less developed cities. In order to reduce the difference, it is critical to breakdown administrative barriers, to establish regional policy coordinating organizations, to promote freely movement of financial capital, to set up regional financial common market, to strengthen financial innovative capacity, and to enhance the Cross-regional service function of financial institutions.