货币政策的区域异质性效应——基于中国31个省域的实证分析

The Regional Heterogeneity Effects of Monetary Policy in China——An Empirical Analysis Based on Provincial Data

货币政策的区域异质性效应是指统一货币政策在不同区域形成的差异性效果。与大多现有文献不同的是,本文首先运用AD-AS模型梳理出了货币政策区域异质性效应的形成机理,然后采用中国31个省域的数据进行了实证分析,最后指出了货币配给机制与外汇管理机制是导致我国货币政策区域异质性效应的主要因素。本文建议:为消除异质性效应带来的负面影响,应实施区域差别化的存款准备金率等货币政策、改变银行信贷资金纵向管理和区域分割等体制、增强要素的跨区流动性,并重新设计央行的"大区行体制"组织架构等。

The regional heterogeneity effects of monetary policy mean that the same monetary policy brings different results in different regions. Different from most of related literature, this article firstly points out the basic theoretically mechanism of the regional heterogeneity effects of monetary policy under the theory of AD-AS model. Secondly, it gives an empirical analysis based on Chinese 31 provincial data. At last, it is found that the credit rationing mechanism and the foreign exchange management system are the main reasons why there are regional heterogeneity effects of monetary policy in China. In order to eliminate the negative effects influenced by heterogeneity effects of monetary policy, it is suggested that the differential deposit reserve ratio and other monetary policies should be executed, the vertical management system and regional division system of credit funds should be reformed, the inter-regional liquidity of production factors should be enhanced, and great regional organization of central bank should be redesigned and improved.