Regional Financial Structure Difference Effect Of Regional Monetary Policy In China

For Monetary regional effect has been the policy of monetary policy research priorities, in a unified monetary policy in different regions due to different circumstances, the effect of monetary policy will be different, for the monetary authority policy goals to a certain extent influence, so that the degree of national macro-control economy weakened. For my country, differences in effectiveness of monetary policy in different regions is relatively large, the causes for regional effects of monetary policy transmission mechanism of monetary policy scholars and heterogeneity from various regions were analyzed, and made a number of recommendations, Taking regional differences in financial structure as an entry point, combined with the theory of monetary policy transmission mechanism of monetary policy to produce regional effects were analyzed.In this paper, the Yangtze River Delta region and the southwest as a study area, due to the large differences in the financial structure of the two areas can be better impact on the financial structure of the regional effects of monetary policy caused by the status of the two regions financial structure description, combined with monetary policy transmission mechanism theory and evaluation of various financial structures, theoretically analyzes the impact of the financial structure of the regional effects of monetary policy formation. By VAR models and observation of the impulse response function, and from empirically confirmed the existence of differences in financial structure and regional effects of monetary policy is an important factor in regional effects of monetary policy formation.Finally, for the Yangtze River Delta region and the southwest regional financial structure and differentiated actual situation, we put forward a number of policy recommendations, including the adjustment of the interest rate market, the southwest regional financial architecture, the development of the capital market as well as regional differences in monetary policy operation. Wherein the operation of monetary policy differences, to adhere to a unified monetary policy under the premise of gradual regionalization of monetary policy tools to use to explore, to avoid overkill, is not conducive to weaken the regional effects of monetary policy.