Research on Regionally Asymmetric Effects of Monetary Policy in China
|Keywords||Regional effects of monetary policy Optimal currency area Vector autoregression Interest rate channel Credit channel Exchange rate channel|
Gradually improve China's financial markets, monetary policy is one of the components as the core of the economic and regulatory policies, have played an important role in the promotion of stable and healthy development of China's economic. However, China's economic development in recent years has become increasingly showing characteristics of balanced development, unified monetary policy and the healthy development of the economic and financial area also seems to be a theoretical and practical dilemma. Based on the thinking of these issues, select \The choice of the topic has the double meaning of theory and practice. Theoretical sense, the topic selection can be cut from the micro perspective study monetary policy transmission mechanism, so as to enhance the understanding of the regional asymmetric effect of monetary policy; practical sense, the monetary authorities only in-depth understanding of the monetary policy transmission mechanism only possible on the basis of the development of rational and effective monetary policy, improve the scientific and predictability of monetary policy on the basis of the above background and ideas first put forward the background and significance of research, and the existing regional monetary policy asymmetric effect to sort out, followed by both theoretical and empirical analysis, confirmed the existence of the regional asymmetric effect of monetary policy between the various regions of our country; once again, the reason analysis of the regional effects of monetary policy in China, focusing on analysis how the monetary policy transmission mechanism caused by the differences between the different regions of our country, the level of monetary policy response. The last article summarizes the results of this study and put forward policy recommendations. The main conclusions in this paper are as follows: First: China both from the factors of production flow standards, product diversity standards, economic openness, standards or inflation rate standard analysis between the various regions of the country, can not constitute optimal currency area, in the current case, the one-sided emphasis on the unity of the monetary policy is bound to increase the non-equilibrium state of China's regional economic development; second, because of the monetary policy transmission mechanism of the regional differences, even in the face of the same monetary policy shocks, our area there are more significant asymmetric effects of monetary policy area between the eastern region the most intense reaction, followed by the central region, the western region is the most times; Third, from the point of view of the monetary policy transmission mechanism, this caused among regions regional asymmetric effect of monetary policy, mainly due to the interest rate channel and the credit channel of monetary policy transmission, while the exchange rate channel of monetary policy transmission process can not explain our existing regional asymmetric effect of monetary policy. Conclusions, the paper proposes the following policy recommendations: First, in the long run, we should be actively working to improve the degree of economic homogeneity, prompting the country to form optimal currency area in the country. Second, in the formulation of monetary policy objectives, we can under the unified national monetary policy target, the differences in economic development between regions, to set relatively independent monetary policy objectives focus. Third, to accelerate the market-oriented interest rate reform, smooth the interest rate channel of monetary policy transmission. Fourth, accelerate the reserve system reform, to improve the re-lending and rediscount policy differentiated management, smooth flow of credit channel of monetary policy transmission. Fifth, improve the RMB exchange rate formation mechanism to improve the degree of openness of the economy in the central and western regions, smooth the exchange rate channel of monetary policy transmission.