Difference Analysis Of Monetary Policy In Transition Inter-provincial Effect

Monetary policy has been the regional effects of monetary and financial areas oflearning an important hot spots. Regional effects of monetary policy (regional effect),but also that the effect of spatial non-uniformity of monetary policy, monetary policyis the same role in different economic regions will produce different effects of policies.For decades, the regional effects of monetary policy for the phenomenon, scholarsconducted extensive research and profound. American scholar Scott as early as1955in his paper money indirectly proves the existence of regional effects of policy. Fromthe initial general qualitative analysis to quantitative analysis later, although scholarsfrom around the world have been trying to find a reasonable variety of angles andsatisfactory explanation for this phenomenon, but so far have not found a completeand unified answer, which makes it eventually evolved into academia known as the"monetary policy regional effect." Chinese scholars on the regional effects ofmonetary policy later study the phenomenon began in the early1990s. Regionaleffects of monetary policy compared with Western countries, has its own uniquecharacteristics. By the effect of monetary policy on the occasion of the province ofqualitative and quantitative analysis, found that China’s monetary policy is not onlylarge regional differences in effect, there is also the effect of inter-provincialdifferences, and the reason for this difference is much more complex than the Westerncountries. Therefore, the study of the effects of inter-provincial issues of monetarypolicy will not only help our country to help us further understand the reasons for theregional effects of monetary policy and the underlying phenomenon generated, butalso that the monetary authorities of monetary policy and the subsequentimplementation of the system design to provide a reference significance. Based onexisting literature and abroad, the use of Guangdong, Hunan and Guizhou provincesto establish macroeconomic data econometric model, using co-integration test,impulse response measurement function and variance decomposition analysis, etc.,through the establishment of a vector autoregression model (VAR) to analyze between 1993-2012to Guangdong, Hunan and Guizhou provinces macroeconomic data, foundthat the three provinces of the price level and the output level of the unified monetarypolicy reflects a degree of difference in the speed and depth, and from the theoretical(provinces the level of economic development, industrial structure and financialstructure) and empirical (provinces interest rate channel, the credit channel andexchange rate channel) the specific reasons for the existence of two levels of analysisof the effect of monetary policy inter-provincial differences and produce and givepolicy recommendations.