货币政策与财政政策的区域效应研究——基于中国31个省级面板数据的PVAR模型分析

通过建立一个四自变量两层级的面板向量自回归模型（PVAR），以2004年1月~2012年9月中国31个省际面板数据为研究样本，针对货币政策与财政政策的区域效应进行了实证检验。结果表明，经济发达地区的经济增长对货币政策中的存款准备金比率调整较为敏感，而经济不发达地区对货币政策中的公开市场操作的敏感性更强；财政政策对经济次发达地区和经济不发达地区的经济增长和物价水平增长的影响较为显著，对经济发达地区影响相对较小。

Regional Effects of Monetary and Fiscal Policy: Evidence from China with the Panel VAR Model

Taking advantage of the monthly data from January 2004 to September 2012 of 31 provinces, the regional effects of China''s monetary and fiscal policy is analyzed in this paper. The results indicate that the economic growth of the developed regions is more sensitive to the deposit reserve ratio adjustment in monetary policy, while the underdeveloped regions are more sensitive to monetary policy of open market operations. As to fiscal policy, it exerts a more significant impact on the developing regions and underdeveloped region''s economic growth and the growth of the price level, while a relatively small impact on the developed regions.