| The essential and core question in the research of monetary policy is about monetary policy transmission. The research of monetary policy transmission mainly concentrates on whether is monetary policy neutral, monetary policy transmission mechanism and the regional effects of monetary policy which appeared in recent years and is also main subject of this article. Scott (1955) is the scholar who earliest studied the regional effects of monetary policy. The basic of the monetary policy uniformity is that monetary policy implementation is a total regulation and not micro regulation, if we want to achieve the predetermined regulative goal, there is a very important prerequisite in the process of total regulation which is economical and financial identity in the regions of monetary policy implementation. Optimum Currency Areas which proposed by Robert ? Mundell, Nobel economic prize winner in 1999, is the basic theory supporting monetary integration. The subject of this article is to discuss and empirically examine the most fundamental reasons of the regional effects of Chinese monetary policy-the microscopic subject diversity. The transmission effects of monetary policy mainly depend on the behavior of the microscopic subject, regardless of monetary policy transmission mechanism.With the deepening of Chinese reform and opening-up,marketability advancement, regional characteristics of Chinese economy become more and more obvious. Chinese regional economies can be divided into eastern coastal areas, central region and western regions, whether from the perspective of financial system, industrial structure or general perspective. In view of the research subject, this article made a cluster analysis of marketability mean value index of various provincial levels areas from the year 2001 to 2005, and split Chinese 31 provincial level areas into economically developed regions, sub-developed regions and under-developed regions. We can see that China's regional economies' differences are very obvious by comparing the economic and financial situation of the three regions. In this background, whether china will have a regional effect of monetary policy in the process of the implementation of a unified monetary policy? What are the basic influencing factors? In the view of these questions, the main conclusions of this article are following:(1)Based on the theory of Optimum Currency Areas and the domestic and foreign research results, this article shows that Chinas' monetary policy has indeed an obvious regional effect, by using SVAR model and impulse response function, adopting the annual sample data from 1984 to 2006, and by empirical research on response to monetary policy of developed areas, sub-developed areas and underdeveloped areas.(2) This paper analyzes the formation and present situation as well as the causes of Chinas' regional differences of financial system, and has studied the relationship between financial system's level of development and the efficiency with the economic growth. This article takes the economic growth as the goal of monetary policy in the research of the influence of financial system difference on the regional effect of monetary policy. This paper empirically testes that financial system's level of development and the efficiency are advantageous to the promotion economic growth and that different regional financial system is dissimilar to economic growth's influence by establishing panel data regression model, so the regional effect of monetary policy bring about, which shows that china's regional financial system diversity is an important factor of the regional effect of monetary policy.(3) According to the theory of precautionary savings, this article inferred Chinese resident consuming model of various provinces and autonomous regions' residents consuming mode by empirical research. The factors that influent people's consumption can be reflected in the model, the paper analyzes the diversity existence of Chinas' consuming and savings behaviors by comparing the difference of factors that influent the various provinces and autonomous household consumption. Residents are important micro activities in a country, whose behaviors, especially the consuming-saving behaviors, have an important influence on monetary policy. Resident's consumption forms the final demand, resident's deposit forms the important origin of capital funds, resident's deposit and the consuming behavior is one of the fundamental factors that affect the monetary policy.(4)This article discusses theoretically the influence of enterprise's structure on monetary policy transmission and infers that different enterprise's structure in different regions have inconsistent response to the monetary policy and then causes the regional effect of monetary policy. By empirical examine, this paper validates that regional diversity of enterprise's structure is an essential factor in the formation of the regional effects of Chinese monetary policy.The objectives of monetary policy contain the composition of coordinated development of regional economy, China, as a large developing country in a period of economic transition, in order to achieve a smooth development of the national economy and avoid big ups and downs in the economy, and to realize the socialist market economic system of production purpose, only depend on the coordinated development of regional economy, monetary policy should serve for this goal. According to the conclusion, this article puts forward the related policy proposal, proposes that in order to slow down the regional effects of monetary policy, we should firstly smooth monetary policy transmission mechanism, then adjust the diversity of regional microscopic subjects (financial institutions, residents and enterprises) in the process of transmission, at last to a certain extent implements differentiated regional monetary policy, three-pronged common governance of regional effects of monetary policy. |
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