我国欠发达地区货币政策传导的区域效应研究  

Research on the Regional Effect of Monetary Policy Transmission in Underdeveloped Regions of China

作　　者：张永辉[1] 宋美霖 陈亮[1] 金鑫[1] 邵洋 ZHANG Yonghui;SONG Meilin;CHEN Liang;JIN Xin;SHAO Yang(The People's Bank of China Jilin Provincial Branch)

机构地区：[1]中国人民银行吉林省分行

出　　处：《金融经济》2023年第12期27-39,共13页Finance Economy

摘　　要：货币政策传导的区域效应是货币政策实践面临的重要现实问题。本文采用面板数据分析方法和PVAR法,分别对货币政策传导的信贷渠道、利率渠道和结构性货币政策渠道的区域效应进行实证检验。研究发现,我国存在显著的货币政策传导区域效应差异,主要表现为欠发达地区货币政策传导对经济发展水平的拉动效果显著低于发达地区。一方面,欠发达地区信贷资源不均衡和地方法人银行的利率定价管理机制不健全,分别导致信贷渠道和利率渠道对欠发达地区经济发展的促进作用偏弱;另一方面,虽然欠发达地区结构性货币政策传导效率较为显著,但地方法人银行政策游说能力和贷款定价能力均较弱,结构性货币政策渠道传导效率偏低。本文有助于厘清货币政策调控中区域融资分布不均衡的内在原因,为欠发达地区有效提升货币政策传导效果提供有针对性的政策建议。The regional effect of monetary policy transmission is an important practical problem faced by the practice of monetary policy.This paper uses panel data analysis and PVAR method to empirically test the regional effects of credit channels,interest rate channels and structural monetary policy channels of monetary policy transmission,respectively.The results show that there are significant differences in the regional effects of monetary policy transmission in China,which is mainly manifested in the fact that the effect of monetary policy transmission on the level of economic development in underdeveloped regions is significantly lower than that in developed regions.On the one hand,the imbalance of credit resources in underdeveloped areas and the imperfect management mechanism of interest rate pricing of local corporate banks lead to the weak role of credit supply channels and interest rate channels in promoting economic development in underdeveloped areas.On the other hand,although the transmission efficiency of structural monetary policy in underdeveloped regions is relatively significant,the policy lobbying ability and loan pricing power of local corporate banks are weak,and the transmission efficiency of structural monetary policy channels is low.This paper is helpful to clarify the internal reasons for the uneven distribution of regional financing in monetary policy regulation,and provides targeted policy suggestions for the underdeveloped regions to effectively improve the transmission effect of monetary policy.

关 键 词：货币政策传导 区域效应 信贷渠道 利率渠道 结构性货币政策 传导效率 

分 类 号：F822.0[经济管理—财政学]