总部经济对货币政策实施区域效应的影响:外部表现、内在机制和实证分析

以总部企业为载体的总部经济运行,使得总部企业内部资金的流向往总部企业所在地集中,从而造成区域之间资金占有量存在显著差异.在信贷渠道为我国货币政策传导主渠道的背景下,区域之间资金占有量的不同对货币政策实施的区域效应产生明显的影响.本文从总部经济运行对货币政策传导的四大影响出发(即企业集团的资金集中管理对银行体系的替代作用、在信贷资源占有上处于主导地位、综合融资低于贷款利率下限和委托贷款大幅增长并游离信贷规模之外等四大影响),阐述了总部经济运行对货币政策实施区域效应的影响,并以北京为例进行了实证分析.

The Impacts of the Headquarters Economy on the Monetary Policy's Regional Effect:Exterior Appearance,Interior Mechanism and Empirical Analysis

While headquarters economy emerges as a new economy type,it affects the monetary policy's regional effects through the headquarter impulse,which means the capitals will converge into the headquarters.With the credit channel as the main monetary transmission channel in China,the different volume of capitals pooling has different influences on the regional effects of monetary policy.This paper firstly examines the four kinds of exterior appearance of headquarter impulse on the monetary policy,namely,the subst...