货币财政政策的区域差异效应:基于交互效应SVAR的实证  

Regional Difference Effect of Monetary and Fiscal Policies: An Empirical Study Based on the Interactive Effect SVAR Model

作　　者：陈煜明[1] 阳建辉[1] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《江西财经大学学报》2015年第1期21-31,共11页Journal of Jiangxi University of Finance and Economics

摘　　要：构建货币调节、财政支出对经济增长影响的动态响应机制模型,基于省际面板数据,分析利率调节、财政支出对经济增长影响的区域差异效应。结果表明:在当前经济体制下,通货膨胀与经济增长的矛盾比较明显;经济增长本身具有空间效应;利率上升对经济增长的影响从东至西依次减弱,财政政策冲击呈现出东强、中弱、西强的区域差异性规律;财政政策和货币调节效应存在区域互补性与趋同性。决策者应在"区别对待、有保有压"的宏观政策下,实施有区别、有倾斜的货币政策和财政政策。This paper firstly constructs a dynamic response mechan ism model of the impact of monetary regulation and fiscal expenditure on economic growth, then, based on provincial panel data,it makes an analysis of the regional difference effect of interest rate adjustment and fiscal expenditure on economic growth. The results show that there exists obvious contradiction between inflation and economic growth under the current economic system. Economic growth itself has a space effect. The effect of rising interest rate on economic growth gradually becomes weaker from east to west. Meanwhile, the impact of fiscal policy presents a law of regional difference, which is strong in the east region, weak in the central region and strong in the west region. There exist regional complementary and convergence in the effect of fiscal policy and monetary adjustment. According to the macro-policies of differential treatment and maintaining both protection and pressure, the policy-makers should put into effect the different and inclined monetary and fiscal policies to different regions.

关 键 词：货币调控 财政支出 结构VAR 通货膨胀 

分 类 号：F830.3[经济管理—金融学]