我国货币政策与财政政策区域效应比较研究——基于1985—2010年面板数据

The Comparative Study on the Regional Effect of Monetary Policy and Fiscal Policy in China——Based on the Panel Data from 1985 to 2010

本文利用1985年至2010年我国31个省市自治区的面板数据,采用面板协整检验和固定效应变系数模型实证研究我国货币政策与财政政策区域效应的差别,结果表明:货币政策和财政政策在东部地区效应最明显,货币政策与财政政策的搭配效果在西部地区表现最佳,货币政策有更大的产出效应,且区域效应更明显。建议探索货币政策区域化操作、优化政府支出结构、因地制宜加强政策协同效应。

Using the panel data of 31 provinces, cities and autonomous regions in China from 1985 to 2010, adopting panel co-in- tegration test and fixed effect variable coefficient model, the paper empirically studies the difference of regional effect of monetary pol- icy and fiscal policy. The results show that the effect of monetary policy and fiscal policy in the eastern area is the most obvious, while the effect of collocation of monetary policy and fiscal policy is best in the western region, and monetary policy has a greater output ef- fect and more apparent regional effect. The paper proposes to explore regional monetary policy operation, optimize the government spending structure and strengthen policy coordination effect according to practical situation.