外源型经济发达地区货币政策传导探讨——以东莞为视角

The Exploration of Monetary Policy Transmission in Developed Exogenous-economic Areas——in the Perspective of Dongguan

本文对东莞地区的货币政策传导进行分析后发现,外资企业游离于国内信贷市场之外、外资企业内部转移定价方式和"哑铃型"人口收入结构分别弱化了外源性经济发达地区货币政策对投资需求、净出口需求和消费需求调控的传导,认为应该在加强跨境资金流动监控的同时,通过推进产业转型升级和发展民营经济来增强地区经济的内生性,从而改善外源型经济发达地区的货币政策传导。

Based on the analysis of the monetary policy transmission in DongGuan, we find that foreign-invested enterprises drifting away from the local credit market, internal transfer pricing in foreign-invested enterprises and the dumbbell-structure of the income distribution, respectively, weaken the monetary policy transmission in virtue of investment, net export and consumption in developed exogenous-economic areas. Accordingly, a closer supervision on cross-border capital flows, industrial transformation and upgrading, development of the private economy should be implemented to enhance the endogenous degree of the regional economy, and then to improve the monetary policy transmission in developed exogenous-economic areas.