货币政策区域非对称效应研究述评

A Review of the Study on Regional Imbalanced Effects of Monetary Policy

大多数经济体在一定程度上不是最优货币区,在统一货币政策冲击下,一个经济体各个区域的反应并不具有一致性,反应程度和反应时滞都存在很大差异。中国区域经济发展水平差距明显,受货币政策冲击后区域反应显著不同,但是货币政策区域非对称效应的研究在中国却严重滞后。对这一领域的国外最新研究成果进行较为全面的综述,对于中国货币政策制定和区域经济发展具有积极意义。货币政策区域非对称效应研究方法经历了从最优货币区理论到VAR模型的发展过程,从货币政策传导渠道的区域非对称性、金融结构和经济结构的区域非对称性以及经济主体行为的非对称性等因素阐释了货币政策区域非对称效应的形成机理;未来,货币政策区域非对称效应研究将会集中在与总量研究相结合的领域。

To some extent, most of the economies are not optimum currency areas. different regions of a country respond to monetary policy actions differently in terms of the response magnitude and timing. While there exists considerable heterogeneity across the regional economies in China and each region responds to monetary shocks with great difference, the literature on the studying the regional imbalanced effects of monetary policy is fairly limited. Reviewing the latest foreign literature in detail has a positive significance for the monetary policy development and regional economic development. The authors review the development course of the research methodology on regional imbalanced effects of monetary policy and evaluate the contribution made by these methods to studying of regional imbalanced effects of monetary policy. Comparison and analysis of the formation mechanisms of regional imbalanced effects of monetary policy are made in such perspectives as monetary policy transmission channels, financial and economic structures, the behaviors of economic entities and so on. The latest research trends in this field are summarized and concluded, which suggests that the study will focus on the combi- nation of aggregate level research in the future. Finally, the authors evaluate the significance of research on regional imbalanced effects of monetary policy and suggest further research needed in China.