Research On The Existence And Influencing Factors Of The Regional Effect Of Chinese Monetary Policy

Theoretically,the homogenization of economy and the consistency of economic cycle in a currency area are the premise of a unified monetary policy implementation.But the reality is always not that case,the unified monetary policy always produces regional effect.As a typically big country,the difference of economic development between the areas in China is becoming large with the rapid development of economy and living standard.As a gross nature of the regulatory policy,monetary policy should be maintain unity in the nationwide,but the current "rigid uniform" policy seriously neglected the differences of the regional economy,and greatly reduced the effectiveness of monetary policy.At the same time,the gap of economic development between areas is further widening.Therefore,the regional effects of monetary policy has become an urgent need to address the problem,the monetary authorities in the implementation of unified monetary policy should also be pay attention to regional differences,and strive to avoid the regional effects of monetary policy effect.Based on the theory of optimum currency area,this paper analyzes the existence and influence factors of regional effect of monetary policy in China,and makes an empirical test.The text is divided into five parts.(1)the use of the optimal currency area evaluation standard for Chinese is the optimal currency area for a preliminary inspection,the conclusion is:China does not belong to the optimum currency area,in order to determine whether China's regional monetary policy effect.(2)divides China into East,West,northeast four major areas,choose money supply regions as indicator variables of monetary policy,using VAR model and impulse response function to the regional effects of monetary policy in China is the existence of the empirical test,the conclusion is:the existence of regional effects the monetary policy of our country,and the eastern region in response to monetary policy,the central and western region,the weakest in the northeast.(3)selecting representative indicators to represent the economic environment,financial intermediary and economic subject three factors,using linear regression method to analyze the influence factors of regional effects of monetary policy in china.The empirical results show that the changes of economic environment,financial intermediary and economic main body will lead to different levels of the implementation effect of monetary policy in different regions.(4)according to the development status of China economy put forward feasible policy recommendations:on the one hand,under the premise of unity,the implementation of different regional monetary policy,to the slowdown in regional economic gap;on the other hand can through fiscal policy and industrial policy and other measures to coordinate regional economic structure and development level.