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

作　　者：申俊喜[1] 曹源芳[2] 封思贤[1] 

机构地区：[1]南京师范大学商学院,江苏南京210046 [2]南京审计学院金融学院,江苏南京210029

出　　处：《中国工业经济》2011年第6期36-46,共11页China Industrial Economics

基　　金：国家社会科学基金项目"我国管理通胀预期与灵活审慎的货币政策研究"(批准号10CJY064);国家社会科学基金项目"金融开放背景下中央银行的货币量调节机制研究"(批准号10CJY077);教育部人文社会科学基金项目"转型期我国货币政策传导的区域异质性研究"(批准号09YJC790152)

摘　　要：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.

关 键 词：经济增长 物价稳定 货币政策 省域异质性 

分 类 号：F124.1[经济管理—世界经济]