| With the convening of the Third Plenum in 1978, China’s reform and opening up a large project officially kicked off. Change the traditional planned economy to a market economy forward, the full realization of the outside world, to develop the productive forces, improve the people’s living standards as the purpose of reform and opening up. More than thirty years, our country really in the economic system reform has made remarkable achievements in the gross national product each year to maintain high growth momentum for the balance. However, due to China’s vast territory, large population and between regions in geography, culture and customs, natural resources and so there is a big difference, so in the process of reform and opening up, not overnight, launched simultaneously, but to take priority to development of the eastern coastal areas, then drive west coastal inland areas strategy. In this way, it makes the former more balanced development of eastern, central and western regions in economic and financial development began to appear on the differences in gradient and in recent years the development of regional economic strategy, regional economic disparities is growing. According to statistics, in 1990, the eastern, central and western regions the per capita GDP over three years for the 100:60:57,2000 100:50:39,2004 was further extended to 100:48:38. The economic disparities between regions in the early stages of development for the overall economic development indeed played some role in promoting, but, with further economic development, the growing gap between regions, economic development and social harmony will cause some obstacles. Therefore, reduce regional disparities, promoting coordinated regional development has become a key policy goal, and monetary policy as an important means of macroeconomic control essential, how to accomplish this important task, has become the people focus.In China, the transmission mechanism of monetary policy and the effectiveness of research has been theoretical and practical workers of a hot issue, but most of the research is holistic, that the integrity of monetary policy in the country conduction effects. However, in the course of implementation of monetary policy, regional economic development because there were significant gaps in development between regions, market openness, economic environment and other aspects of economic structure, there is a big gap, so that the same implementation of the policy to different areas, causing the reaction and the effect may be different, that is a unified monetary policy between the different regions developed different effect. If the implementation and evaluation of effects of monetary policy, ignore such differences between regions, only consider the totality of the effect of monetary policy may cause the actual performance of a considerable degree of weakening, long past, is likely to increase across regions economic disparities, and even long-term harmonious development of the economy play a role in containment. In this paper, the changes in China’s economic reform path, based on review of China since reform and opening up of the latest economic and financial environment that changes and features were analyzed and compared by statistical data to illustrate-the effectiveness of monetary policy in the inter-regional differences exist, on this basis will help reduce the monetary policy proposed regional differences, and promote the harmonious development of economic policy choices.Monetary policy is monetary policy and management efficiency of the important research, a systematic study of the transmission efficiency of a particular environment, so that laws governing the operation of monetary policy and the problems that can enrich and improve the theory of monetary policy framework. Determine the efficiency of monetary policy transmission performance of macro-control the size of the overall efficiency of the transmission process and for scientific evaluation of the measurement is not only related to the operation of past policies, but also affect the current and future monetary policy decisions during a given period. Effective monetary policy can make all economic agents to form a system of effective collaboration to jointly promote the policy objectives. Obviously, for the objective evaluation of transmission efficiency is indispensable content.China is in a planned economy to a market economy from a critical period of transition, monetary policy is the basis of macro and micro environment of constant change, the presence of various uncertainties correct evaluation of the role of monetary policy as a whole and makes it difficult process efficiency, so the objective need to expand the theory and the Chinese practice of combining cutting-edge research, the efficiency of monetary policy in China to make a general and dynamic interpretation.The efficiency of monetary policy monetary policy objective is to determine the "bottleneck" position, and targeted to divert. Therefore, in theory, based on policy research, for the clear transmission channels and deepening financial and economic reforms, the monetary authority’s policy action guide has important practical significance.In this paper, the effectiveness of monetary policy transmission in the region were the differences between the economic analysis and research, to be revealed during the transition period the core issue is the effectiveness of monetary policy in China, regional differences and the formation mechanism of the regional differences. Full-text research mainly from the following four dimensions:first, the effectiveness of monetary policy this paper, the asymmetry of the latest research results were summarized; Second, the paper in the transition period of China’s economic and financial system, trajectory and characteristics of change analysis of the effectiveness of monetary policy in China there were regional differences in the historical inevitability of logical reasoning; Third, theoretical reasoning for the conclusion-the existence of regional differences in the effectiveness of monetary policy, the paper charts used for this analysis was further proof of experience. Fourth, monetary policy for the reunification of China and the regional financial dual structure of the contradiction, this paper, the experience of the United States and Japan, based on regional monetary and financial policies proposed to adjust policy in favor of differentiation.The main conclusions are as follows. (1) from the Chinese market-oriented economic and financial system evolution of the regional economic development level, the performance in the financial sector for the regional characteristics of the dual structure of financial operations. In the way monetary policy in the context of increasingly indirect, effects of monetary policy transmission is increasingly dependent on micro-finance operation mechanism, regional financial dual structure in different regions will undoubtedly make a unified response of monetary policy is different, and ultimately led to the monetary policy effect of regional differences. Meanwhile, the regional differences through the constraints on the overall role of the local limit the overall performance of Monetary Policy in the acquisition. (2) Based on China’s regional economic and financial characteristics of the dual structure, determine the optimal currency area from the main indicators, China is still not a full sense of the optimal currency area. Therefore, in order, without prejudice to national sovereignty represented by the currency and monetary transactions, while micro-efficiency, enhance the practical implementation of a unified monetary policy, the performance of macro-monetary and financial policy formulation and implementation should not only take into account regional differences in economic and financial development status quo, but should work to narrow the gap between regional economic and financial development, step by step guide to the regional economic and financial integration, and ultimately to the overall economic and financial development of the country the relative homogeneity and balance, as to the optimal currency for the gradual District into the creation of conditions.In this paper three aspects of writing from an innovative attempt. First, the international scope of the study from the point of view, the paper chose the sovereign unity of Monetary Policy in a big country differences in the effectiveness of the space as the research object, the existing regional differences in the effectiveness of monetary policy in this research rarely involved. Research from the domestic perspective, this paper focuses on the effectiveness of monetary policy by examining the impact of regional differences in order to reveal the overall performance of the monetary policy transmission idea of special factors, namely, "to see results from the study of the global effects of local" research ideas, but also more Existing research is usually taken to a whole different idea of the overall study. Second, this paper, China’s economic and financial system as a basis for the historical process of transition, combined with the mechanism of monetary policy transmission mechanism, game theory, and using a comprehensive analysis of actual data, found that differences in regional economic development strategy of China’s reform and opening up the inevitable product of gradient, On this basis, to build a coherent, logical and analytical framework, draw some important conclusions. Third, the article on the U.S. has made in narrowing regional disparities efforts and achievements are analyzed and studied in the proposed treatment on the basis of regional differences in monetary policy in China’s policy recommendations.30 years of the 20th century in the United States is not only extremely uneven economic development in the state, also geography, economic structure, and China all have so many of the same place, therefore, reduce regional economic differences between the United States Historical Review and Policy Research, the Building of a framework for the harmonious development of regional economy has a lot to be learned and learn from. |
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