中国货币政策传导变量的区域结构效应研究

本文基于2007-2019年的数据实证分析利率、信贷、汇率、股票市场和房地产市场等货币政策传导变量对中国八大综合经济区经济增长和物价的影响。研究发现,中国货币政策传导存在明显的区域非对称效应;银行信贷和利率渠道对各区域经济增长和物价影响的方向基本一致,影响幅度存在较大差异;汇率对各区域经济增长、物价影响的方向和幅度均存在非对称性;股票市场价格和房地产价格除对个别区域经济增长率和物价有一定影响外,对大部分地区影响幅度不大,但区域非对称效应比较明显。

Research on the Regional Structure Effect of Transmission Variables of China's Monetary Policy

Based on the data during 2007-2019, this paper empirically analyzes the impact of monetary policy transmission variables, such as interest rate, credit, exchange rate, stock market, and real estate market, on the economic growth and prices of China’s eight comprehensive economic zones. It’s found that, China’s monetary policy transmission has significant regional asymmetric effect;the channels of bank credit and interest rate basically have the same direction of impact on economic growth and prices in various regions, and the impact degree is quite different;both the direction and the degree of the impacts of exchange rate on regional economic growth and price are asymmetry;the prices of stock market and real estate have a certain impact on the economic growth rate and price of some regions, but have no great impact in most regions, and the regional asymmetry effect is significant.