The Variance Analysis Of Chinese Monetary Policy's Impacts On The Regional Economic Development

The purpose of this paper is to study the reason of the regional differences of effects in the conductions of china's monetary and credit policy with china's special financial circumstances and differences in the level of regional economic development.The regional effects of monetary policy research has become a hot spot, most of the scholars have confirmed that china's monetary policy transmission has the different effects of different regions and the credit channel is the main way of the conduction of china's monetary policy. But, those scholars only examined the credit channel on the impact of china's economy in the scope of the whole national and didn't analyze the china's credit policy transmission have the different impacts on the different regions of china before. So the paper studies the reasons of the regional differences of effects in the conductions of Chinese monetary at first, and then selects the credit volume and GDP of the east,central and western regions as indicators to do the Granger causality test and VAR model pulse function for the east, central and western regions respectively, finally the conclusions are that these is a big difference between credit and GDP in the different regions, the credit volume is on the apparent role in promoting GDP in the eastern part, and the relationship between the credit volume and the GDP is not obvious in the central and western regions. The result is mainly due to the big difference of economic development in the different regions.