货币政策信贷渠道的经济区域效应研究——基于我国31个省际面板数据的经验证据  

The Economic Regional Effects of Bank Lending Channel:Evidence from 31 Provincial Data in China

作　　者：熊启跃[1] 张依茹[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《投资研究》2012年第7期78-89,共12页Review of Investment Studies

基　　金：武汉大学研究生自主科研项目"资本约束下货币政策传导’扭曲’效应研究"(项目编号:201110501020007)

摘　　要：本文以2005年1月—2010年12月我国31个省份的月度数据为研究样本,运用面板向量自回归模型(Panel-VAR)对我国货币政策信贷渠道的传导效果进行了实证检验,研究结果表明:我国货币政策信贷渠道的传导效果存在明显的区域差异,对于经济发达地区来说,信贷投放在促进经济高速增长的同时,并不会带来显著的通货膨胀压力;而对于经济较发达地区和落后地区而言,信贷的投放并未有力推动经济的增长,反而会带来较为明显的通货膨胀压力。Taking advantage of the 31 provincial monthly data from January, 2004 to December, 2010 in China, this paper esti- mates the panel vector autoregressive model by GMM estimation, the results show that the effects of bank lending channel in China is region-variant, as for the highly developed region, the loan injection could boost the local economic growth without in- curring inflation pressure; while as for the moderate developed and developing areas, the driving effects of loans on local econ- omy is not as strong as in highly developed areas, but they are more likely to cause inflation pressure.

关 键 词：货币政策 信贷渠道 经济区域 

分 类 号：F822.0[经济管理—财政学]