货币政策区域效应研究前沿评述

A Review on the Frontier Research on the Regional Effect of the Monetary Policies

国外有关货币政策区域不对称效应的研究表明,货币政策具有比较明显的区域不对称效应,而且对其中的原因分析都集中在货币政策传导机制方面。国内学者沿袭从货币政策传导机制的差异表现来研究区域效应的分析角度是正确的,但是从研究前沿看,不能再仅仅局限于最优货币区理论框架下的研究,而应该结合我国现实情况,转向金融结构差异的研究角度,特别是导致银行信贷资金配给的区域性特征研究上,重视货币政策对银行、企业的金融行为的影响。这也是新、后凯恩斯主义两个学派同时强调的核心问题。

Relevant foreign researches have shown that the asymmetric regional effect of monetary policies is distinct, and the probe into the reasons has been focused on the transmission mechanism of the monetary policies. It is right for domestic scholars to follow the analyzing angle of researching the regional effect in terms of the performance of the mechanism, but in light of the frontier research, the research limited within the theoretical framework of optimal currency area is somewhat outmoded. We should, by taking the current situation of our country into account, shift our research angle to the difference in the financial structure, especially to the regional characteristics which bear on the bank credit financing ration, and emphasize on the influence of the monetary policies on the financial activities of banks and enterprises, which is also a core problem both the Neo- and Post-Keynesian Economic School stress.