| Since the 2008 International Financial Crisis, global economy has suffered a recession and now still hovering in the process of weak recovery and local risks bursting from time to time. Although governments worldwide have adopted corresponding monetary policies and measures to recover their economy, the complex differentiation can’t be completely improved in a short time. The 2008 international financial crisis has delayed the adjustment of Chinese economy, resulting in a serious imbalance between structural shortage and surplus, investment and export contraction, which led to a decline in Chinese economic growth. Under the background of this global adjustment, how the Chinese government will adjust the macroeconomic policies, in particular, how to adjust and select monetary policy to promote economic development has become an urgent task at present.Since reform and opening-up, China have started on the path of the market economy, opening the macroeconomic regulation and control mode, however, its macroeconomic regulation attached great importance to fiscal policy, instead of monetary policy. Thus, researches on the monetary policy made by the policy maker and the academy circles in our nation has been lagged, while its related research is also relatively neglected, and the researches on regional difference in monetary policy effect are even worse. China has vast territory and abundant resources. With different historical backgrounds, geographical locations, resource endowment and the "unbalanced development" strategy implemented after the reform and opening-up, each area has differences in economic development, industrial structure, financial institution, marketization and opening-up, etc. The differences influenced the monetary policy, thus exacerbated the contradiction between regional economic and financial development, and hindered the coordinated development of regional economy, widened the gap of regional economic development. Therefore, the systematic research on the change and effect difference of China’s monetary policy and the exploration of feasible and innovative monetary policy have practical significance in narrowing the gap of China’s regional economic development and promoting the coordinated development of regional economy.This paper is composed of seven parts:The first chapter is the introduction part, which mainly introduces the background and research value, sorts out and summarizes the related theory research of monetary policy and regional effect of monetary policy made by scholar’s home and abroad. And the research ideas and framework of this paper are based on this part.The second chapter is the theory part. The concept of monetary policy, region and regional difference and spatial heterogeneity are redefined for the first place. And the paper introduces the related theory of monetary policy and spatial heterogeneity, providing theoretical support for the follow-up study.The third chapter mainly analyzes the change and effect of the monetary policy which experienced four different historical stages. That means Monetary policy under the plan management system(1949-1978), Monetary policy under the macro management system(1979-1992), Monetary policy under the market control system(1993-2008) and Monetary policy under the deepening reform system(2009 till now). On the whole, the monetary policy of our country is different from system to system, thus the effect of the policy is different. From a long-term point of view, the overall effect of China’s monetary policy is good which achieved the desired effect, but there are still significant regional differences of monetary policy effect and unbalanced financial resources allocation, etc.The fourth chapter mainly analyses the current situation of regional differences in monetary policy in our country. Firstly, whether our country meets the criteria of the optimal currency area is investigated. Secondly, the regional differences of monetary policy effect is analyzed from the perspective of monetary policy transmission mechanism, which can draw a conclusion that the policy effect of the unified monetary policy in different regions may be different.In the fifth chapter, the regional differences of the effect of the unified monetary policy in China and the reasons of it are analyzed in detail, from the perspective of regional economics, institutional economics, spatial economics and other disciplines. We believe that the main reasons for the different policy effects in different regions of the unified monetary policy can be summarized in four aspects. That is the reason of economy, policy, spatial heterogeneity and the limitation of monetary policy framework. Therefore, the regional differences in the effect of monetary policy in our country are caused by the interaction of these factors.The sixth chapter, the effectiveness of monetary policy and the regional effect of monetary policy in China are mainly analyzed by using the SPSS17.0 software and Eviews7.2 statistical analysis software. The results show that China’s monetary policy has a certain effectiveness, and China’s monetary policy does exist regional differences.The seventh chapter, policy recommendations to narrow the regional differences are proposed on the basis of the above theoretical and empirical analysis results, combined with China’s reality. The efficient transmission of monetary policy and the policy effect of balanced and unified monetary policy, should not only rely on the central government, the central bank and local government, but also the effective combination of monetary policy transmission mechanism. Therefore, this paper puts forward policy recommendations to the high-level, monetary policy transmission mechanism, respectively. For example, China’s government should strengthen the following aspects: firstly, we should promote the regional coordinated development strategy vigorously to narrow the gap in regional development. Secondly, we should improve the financial market environment to eliminate institutional obstacles in the monetary policy framework. Thirdly, we can promote the construction of new urbanization to adjust the industrial structure reasonably. Fourthly, we can strengthen regional population mobility and increase investment in education in less developed areas. Fifthly, we can build a unified national financial market to cultivate regional financial market. Sixthly, we should identify the role of monetary policy in the economic and financial system. At the same time, the corresponding policy suggestions on the transmission mechanism of monetary policy and the corresponding policies are also put forward in this paper. |
