区域金融发展与货币政策效应的差异性研究

发布时间：2018-04-23 04:33

本文选题：货币政策 + 区域金融发展　；参考：《西北师范大学》2013年硕士论文

【摘要】：长期以来，我国实行的主要是统一的全国性货币政策，这种统一的货币政策忽视了区域经济发展不平衡的现实，不能满足不同地区对货币政策的不同需求，造成了显著的货币政策效应的区域差异，在一定程度上加剧了区域经济金融发展的不平衡。本文从货币政策区域效应差异性理论和货币政策传导理论出发，以小西北地区和长三角地区为例，分析了统一的货币政策对不同地区金融发展水平的影响。首先，文章分析了两个地区金融发展的现状，主要是对银行业和保险业的发展状况进行了说明；随后从货币政策传导的环境、传导中介和传导主体三个方面分析了两个地区货币政策传导过程中出现的差异。其次，为了对货币政策区域效应的差异性进行研究，本文建立了面板数据模型，并对其进行格兰杰因果检验，验证了金融发展水平与资本投资率，科教水平，商品市场交易效率，金融市场交易效率和产业利率弹性不论在长期还是短期都互为因果关系，于是为我们分析货币政策传导对金融发展的内生变量的影响提供了理论基础。最后，基于上述研究，选取货币供给量作为货币政策传导的中介变量，资本投资率，科教水平，商品市场交易效率，金融市场交易效率和产业利率弹性五个变量作为反映金融发展水平的最终变量，对其建立VAR模型并进行脉冲响应分析，发现小西北地区和长三角地区对货币政策反应的敏感程度存在差异，，并且金融发展的各个内生变量对货币政策反映的快慢也存在差别，其货币冲击的强弱也不尽相同。
[Abstract]:For a long time, China has mainly implemented a unified national monetary policy, which ignores the reality of unbalanced regional economic development and cannot meet the different needs of different regions for monetary policy. It causes significant regional differences in monetary policy effects, and to some extent exacerbates the imbalance of regional economic and financial development. Based on the difference theory of regional effect of monetary policy and the theory of monetary policy transmission, this paper takes the small Northwest region and the Yangtze River Delta as examples to analyze the influence of unified monetary policy on the level of financial development in different regions. First of all, the paper analyzes the current situation of financial development in two regions, mainly explains the development of banking and insurance; then, from the monetary policy transmission environment, The paper analyzes the differences in the transmission process of monetary policy between the two regions. Secondly, in order to study the differences of regional effects of monetary policy, this paper establishes a panel data model, and carries out Granger causality test to verify the level of financial development, capital investment rate, science and education level. The transaction efficiency of commodity market, the transaction efficiency of financial market and the elasticity of industrial interest rate are causality each other in both the long and short term, which provides a theoretical basis for us to analyze the influence of monetary policy transmission on the endogenous variables of financial development. Finally, based on the above research, the paper selects the money supply as the intermediary variable of monetary policy transmission, the capital investment rate, the level of science and education, the trade efficiency of commodity market. The five variables of financial market transaction efficiency and industry interest rate elasticity are regarded as the final variables to reflect the level of financial development. The VAR model is established and the impulse response analysis is carried out. It is found that there are differences in the sensitivity to monetary policy between the small Northwest region and the Yangtze River Delta region, and there are differences in the speed of the monetary policy response between the various endogenous variables of financial development and the intensity of the monetary shock.
【学位授予单位】：西北师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F832.7

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