Research On Asymmetric Regional Effect Of Monetary Policy In China

Monetary policy refers to that the Central Bank aiming to achieve the economic established goals (price stability, promoting economic growth, achieving full employment and balance of international payments) uses various tools to adjust the money supply and interest rates, thereby affecting the currency of the country and macroeconomic credit guidelines and measures combined. Since the last century Keynesian "General Theory" came out, people pay much attention to the monetary policy, Often neglect other aspects in the monetary policy transmission process, because of the micro-carrier conduction's differences which led to the same policies produce different results.As a major economic power of China, there is a big difference between regional economy and therefore "one size fits all" monetary policy will be unified in some areas of economic development constraints, and even financial restraint.In this paper, the various sections of the main content and perspectives are as follows:Chapter 1 shows the main background of this study and the significance of the framework of the article, as well as lack of basic innovation and the definition of the concept, straighten out the full text of the basic ideas; Chapterâ…¡includes the three parts, the effectiveness of monetary policy and its regional asymmetries in research, policy transmission mechanism theory, the effectiveness of the monetary policy of positive test.; Chapterâ…¢,using the VAR model gives a positive prove of the asymmetric effect of regional economy; Chapterâ…£,we discussed the monetary policy transmission mechanism of the regional differences and the reasons could be attributed into three factors; Chapterâ…¤we have proposed implementation of regional differences in monetary policy, strengthen the building of the capital market, strengthening policy-oriented financial institution-building, change of the local government performance evaluation criteria a series of policy recommendations.