CAJ | 학술논문

对货币政策的传导渠道分为利率渠道、信用渠道和汇率渠道.不同区域由于在经济金融等方面的结构性差异,使得货币政策在传导过程中出现差异性,所产生的货币政策区域效应是不同的.采用1978-2010年的数据,运用SVAR模型对不同区域进行分析,结果表明我国存在明显的货币政策区域效应.进一步回归分析发现：信贷渠道是货币政策区域效应的主要原因,汇率渠道是货币政策区域效应的重要原因,而利率渠道对货币政策区域效应没有解释力.区域企业结构差异、区域经济开放度差异、区域产业结构差异对货币政策区域效应影响显著,区域金融发展水平和区域地方政府干预对货币政策区域效应影响不显著.
대화폐정책적전도거도분위리솔거도、신용거도화회솔거도.불동구역유우재경제금융등방면적결구성차이,사득화폐정책재전도과정중출현차이성,소산생적화폐정책구역효응시불동적.채용1978-2010년적수거,운용SVAR모형대불동구역진행분석,결과표명아국존재명현적화폐정책구역효응.진일보회귀분석발현：신대거도시화폐정책구역효응적주요원인,회솔거도시화폐정책구역효응적중요원인,이리솔거도대화폐정책구역효응몰유해석력.구역기업결구차이、구역경제개방도차이、구역산업결구차이대화폐정책구역효응영향현저,구역금융발전수평화구역지방정부간예대화폐정책구역효응영향불현저.
Monetary policies make their impact through three different channels, namely, that of interest rate, credit, and exchange rate. Because of structural differences in the characteristics of local economies and finances, policy impact shows salient regional variations. Using data dated from 1978 to 2010, this paper applies the SVAR model to empirically analyze eight different regions. Our study shows the existence of significant regional effects with regards to China＇s monetary policies. Further regression analysis points to credit as the primary channel of policy impact and exchange rate an important channel while interest rate produces almost no impact on the regional effects of monetary policy. Regional differences in enterprise structures, economic openness and industrial structures all contributed significantly to the regional effects of monetary policies, whereas regional differences in financial development and local government intervention have no significant influences on the regional effects of monetary policy.