新发展阶段下我国支持区域协调发展的货币政策效应研究

Research on the Eff ect of Monetary Policies in Supporting Coordinated Regional Development in China under the New Development Stage

2021年,我国进入新发展阶段,从整体来看我国经济体规模扩大,货币政策工具完善。基于此,本文首先分析了20世纪90年代以来货币政策的发展脉络,并梳理新发展阶段的货币政策工具。其次,从传统货币政策传导渠道中选取利率、融资规模、产业结构、经济开放四个方面研究货币政策支持区域协调发展的效果差异。结论表明:本阶段创新型货币政策工具趋向于合理、微调、普惠、高效,在支持区域协调发展和产业结构升级方面发挥着重要作用。新型货币政策工具更偏向于对利率的引导,对利率微调促成经济平稳运行正是本阶段货币政策的主攻方向。

In 2021,China entered a new development stage,and from an overall perspective the size of our economy expanded and monetary policy tools were improved.Based on this,firstly,this paper analyses the development overview of monetary policies since the 1990s and combs through the monetary policy tools in the new development stage.Secondly,four aspects of interest rates,financing scale,industrial structure,and economic openness are selected from traditional monetary policy transmission channels to study the diff erence in the eff ect of monetary policy to support the coordinated development of the region.The conclusion shows that innovative monetary policy tools in this stage tend to be reasonable,fine-tuned,inclusive and efficient,and play an important role in supporting coordinated regional development and industrial structure upgrading.The new monetary policy tools are more inclined to the guidance of interest rates,and the fine-tuning of interest rates to contribute to the smooth operation of the economy is the main direction of monetary policy at this stage.