CAJ | 학술논문

本文应用向量自回归模型和广义脉冲响应函数实证研究发现我国存在显著的货币政策区域效应，通过修正贷款决策模型分析了信息不对称前提下我国转轨经济中的地域性信贷配给，其突出表现为金融市场中的“银政壁垒”。我们通过构建样本分割的阈值回归模型进行实证分析发现我国各区域货币政策效应具有显著的配给均衡特征。我国商业银行地域性信贷配给和结构性信贷配给行为一方面限制了金融资源的跨区域自由流动，另一方面通过信贷渠道对各区域实体经济产生非对称性影响。我国货币政策效应的区域性配给均衡突出表现为各区域货币政策效应的差异性和配给均衡特征。我们认为，区域差别化的货币政策调控并非解决我国货币政策区域效应问题的治本之策，打破金融市场中的“银政壁垒”才是解决问题的关键。
본문응용향량자회귀모형화엄의맥충향응함수실증연구발현아국존재현저적화폐정책구역효응，통과수정대관결책모형분석료신식불대칭전제하아국전궤경제중적지역성신대배급，기돌출표현위금융시장중적“은정벽루”。아문통과구건양본분할적역치회귀모형진행실증분석발현아국각구역화폐정책효응구유현저적배급균형특정。아국상업은행지역성신대배급화결구성신대배급행위일방면한제료금융자원적과구역자유류동，령일방면통과신대거도대각구역실체경제산생비대칭성영향。아국화폐정책효응적구역성배급균형돌출표현위각구역화폐정책효응적차이성화배급균형특정。아문인위，구역차별화적화폐정책조공병비해결아국화폐정책구역효응문제적치본지책，타파금융시장중적“은정벽루”재시해결문제적관건。
By implementing Vector Auto-regression Model and General Impulse Response Function in the empirical study, this paper finds a significant regional effect of monetary policy in China. After establishing a revised loan decision-making model under information asymmetry assumption, the authors analyze the regional credit rationing in China as a transitional economy that is characterized outstandingly as ＂bank-government barriers＂ of financial market. By establishing a sample-splitting threshold regression model, the empirical results indicate notable rationing equilibrium characteristics in China＇s monetary policy. Regional credit rationing and structural credit rationing of China＇s commercial banks, on the one hand, restrict financial resources free circulation across regions, on the other hand affect regional real economy asymmetrically through credit channel. China＇s monetary policy effect at regional rationing equilibrium is presented as regional difference of monetary policy effect and rationing equilibrium. The paper conclude that regional differentiation in implementing monetary policy is not a fundamental solution to China＇s monetary policy regional effect issue, while breaking ＂bank-government barriers＂ of financial market seizes the crux of the problem.