| The use of monetary policy to regulate macro-economy has its own complexity.From the government to formulate monetary policy,and then through financial intermediaries to the micro-economic subject,the micro-economic subject responds to the impact,and then affects the whole macro-economy.It is related to many factors affecting the transmission process of monetary policy.Because of our vast territory and large population,there are obvious differences among different regions.However,in order to maintain the stability of the national economy as a whole,our country has always adopted a unified monetary policy when adjusting and controlling macroeconomic objectives.We have not noticed the differences among regions and accumulated them over the years,which makes it impossible to ignore the regional mismatch of monetary policy.This paper summarizes the literature on regional asymmetry of monetary policy at home and abroad from three aspects: the existence verification of regional asymmetry of monetary policy,the transmission channel of monetary policy and the influencing factors of regional asymmetry of monetary policy.Then it briefly introduces the theory of optimal monetary area,the transmission mechanism of monetary policy and the relationship between regional asymmetry of monetary policy.It lays a theoretical foundation for the following analysis.Chapter IV briefly describes the monetary policy implemented in China in recent years,expounds the manifestations of regional asymmetry of monetary policy in China,and combines with the current situation of China,analyses the possible causes of regional asymmetry of monetary policy in China from the aspects of regional development and transmission mechanism of monetary policy.Through data analysis and comparison,it is found that the per capita GDP,foreign trade dependence of the region,per capita disposable income,financial correlation rate and industrial distribution may be the factors causing regional asymmetry of monetary policy in China.In the empirical analysis part,M2 growth rate,per capita GDP growth rate and household consumption level growth rate are selected as three variables of the empirical model.Eight provinces are selected to verify the regional asymmetric effect of monetary policy in China.Firstly,ADF unit root is used to test the stationarity of 1997-2016 data.The results show that the data is not stable,and the first-order difference is used to test the data.The results show that the test is stable,so we use the first-order difference data to test Granger causality,construct the VAR model and generate impulse response function images.Through the empirical analysis and image display of eight provinces,we prove that the regional asymmetry of monetary policy does exist in China.Generally speaking,except Beijing,the impact from monetary policy of more developed areas should be larger than the less developed areas.Finally,according to the above analysis,this paper puts forward some policy suggestions on how to solve the regional asymmetric effect of monetary policy in China from three aspects.The first is to narrow the regional development differences,continue to promote market-oriented reform,promote interest rate marketization,rationally allocate resources,improve regional coordination and interaction mechanisms,promote the flow of production factors,and rationally optimize resource allocation.At the same time,the government should appropriately assist and optimize the industrial structure and scientifically and rationally.The second aspect is to optimize the transmission mechanism of monetary policy,optimize the layout of financial structure,and vigorously improve the construction of the banking system,while giving full play to the potential of non-bank financial institutions.The third aspect is the implementation of differentiated regional monetary policy,mainly the implementation of differentiated credit policies,deposit reserve ratios and rediscount policies. |
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