货币政策区域效应产生机制的研究综述

Literature Review on the Regional Effect of Monetary Policy

讨论了非最优货币区之内货币政策传导机制的差异对货币政策区域效应的影响,分析了利率渠道、信贷渠道、信用渠道和汇率渠道。利率渠道强调利率的区域差异会带来政策效果的差异;信贷和信用渠道分别从银行和企业的角度讨论了贷款的可获得性对货币政策的影响;汇率渠道和利率渠道的作用机理类似,与经济的外向度密切相关。

The article reviews the related theories simply, begin with the theory of optimal currency areas, and presents the different transmission mechanisms which have influence on regional effects of monetary policy within the non-optimal currency area, such as the interest rate channel, credit channel and the exchange rate channel. Interest rate channel emphasized that regional differences in interest rates will bring about differences in policy effects; Credits from banks and enterprises were discussed in terms of the availability of loans to influence the monetary policy; the channel of exchange rate mechanism is similar to the interest rate channel, and it is closely related to the degree of outgoing. Finally,the article ends with a simple evaluating.