我国统一调控下货币政策内部传导区域效应非对称性分析

我国外汇资产迅速扩张,外汇占款取代再贷款成为我国中央银行基础货币投放的主渠道。经济开放程度高的发达区域不仅基础货币投放量远远超过其他区域,其区域货币乘数也高于其他区域,导致货币政策内部传导的区域效应非对称性。实证分析认为,我国基础货币变化对开放程度最高的东部发达区域货币供应量的影响最大,其次是经济不发达的中部区域,对开放程度低的西部不发达区域的影响最小。建议采取适度差别的区域货币政策,缓解区域货币供给的非均衡性,提高我国货币政策内部传导的整体效率。

An Analysis on the Asymmetric Regional Effects of Internal Transmission of Unified Monetary Policy in China

Funds outstanding for foreign exchange has been the main channel for the People’s Bank of China to put base monetary on the market.However,due to the imbalance of economic development and opening in different regions,base money has been put into regions unevenly.The developed region has higher ability to get base monetary and higher money multiplier than the underdeveloped region which cause asymmetric regional effects of the unified monetary policy in China.Theoretical and empirical analysis show that changes in the base money supply have the most powerful effect on monetary supply in the east developed region,next is the effect on monetary supply in the middle region,and the least in the west region.To balance the regional money supply and promote the efficiency of monetary policy,regional difference should be taken into consideration when monetary policy is designed and implemented.