中国货币政策区域效应差异及其原因研究——结构VAR模型下的实证分析

对于中国这样一个地域广阔、经济发展日渐不平衡的国家来说更应该重视货币政策区域影响的差异问题。采用2000年4月至2005年12月期间的月度数据,运用结构VAR模型和脉冲响应函数,通过对中国东、中、西三大经济区域的货币政策效应的实证研究表明,尽管货币政策对三大经济区域的影响方向相同,但是在影响程度以及滞后期的表现上仍然存在明显差异,区域间的产业结构、企业规模及产值构成等方面的差别能够在一定程度上给予解释。

The Regional Effect of Chinese Monetary Policy and its Reasons——An Empirical Analysis under Structure VAR Model

Scholars have thought little of the regional effect of monetary policy all along.But with the single European monetary policy becoming a reality, more and more scholars begin to pay attention to this issue.For China,where there are so many regions and economic development is disequilibrium increasingly,we should give the issue more importance.This paper makes an empirical analysis on the regional effect of national monetary policy among the Chinese east,middle and west regions from April in 2000 to December in 2005 by Structure VAR model and impulse-response function.The result shows that although national monetary policy impacted three regions along same direction,there were evident differences of impact degree and lag time.The difference of industrial structure,firm size and production value proportion can explain the dissimilarity of the regional impact in a way.