我国货币政策区域效应的比较研究--以江苏、安徽两省为例

An Empirical Study of Regional Effects of Monetary Policy: A case Study of Jiangsu and Anhui

近年,我国立足于宏观经济调控而实施的货币政策,在一定程度上忽视了我国区域经济发展周期、阶段及不均衡性,造成了同一货币政策对不同区域、板块、省份的作用效果差异,影响力度大小不一,后果不同;利用VAR模型对江苏和安徽两个代表性较强省份的经济数据进行实证分析,验证了两省对一定时期宏观货币政策变动调整的不同反应,并建议在统一货币政策下,结合不同省份经济、金融发展水平差异,相机制定适度差别化的货币政策,以提高货币政策的有效性,提升宏观经济调控的效果。

To some extent, the current unified monetary policy in our country, which neglected the development of regional economy is not balanced, and therefore has caused the situation that the same monetary policy has varying effects and intensity in different regions. This paper uses the VAR model to analyze the economic data of Jiangsu and Anhui, two representative provinces in China, verifying different reactions to the unified monetary policy of the two provinces and suggesting that to improve the effectiveness of monetary policy, moderately differentiated monetary policy formulation should be made according to differences of economic and financial development level in different regions, so as to enhance the effect of monetary policy and macro regulation policy.