本文關(guān)鍵詞：歐元區(qū)貨幣政策區(qū)域效應(yīng)研究　出處：《華東師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：歐元區(qū)一度被視為區(qū)域貨幣一體化的典范,但歐元區(qū)的創(chuàng)立并非完全是歐洲經(jīng)濟一體化的內(nèi)生的結(jié)果,歐盟各成員國政府的外生力量更為重要。眾多的文獻表明,歐元區(qū)各個成員國之間在社會經(jīng)濟發(fā)展水平上存在顯著的差異,至今仍未能達到構(gòu)建最優(yōu)貨幣區(qū)的標(biāo)準(zhǔn),因此由單一的歐洲中央銀行對成員國施行統(tǒng)一的貨幣政策難免出現(xiàn)顧此失彼的現(xiàn)象,不能兼顧各國的具體目標(biāo)。同時,由于各國在貨幣政策傳導(dǎo)機制上的差異,歐洲中央銀行所實施的貨幣政策在各個區(qū)域產(chǎn)生政策效應(yīng)在程度和時滯上存在差異,由此便產(chǎn)生了貨幣政策的區(qū)域效應(yīng)。當(dāng)貨幣區(qū)內(nèi)部各個地區(qū)經(jīng)濟增長與財政政策步伐一致時,這種區(qū)域效應(yīng)并不顯著,但當(dāng)貨幣區(qū)面臨非對稱沖擊時,區(qū)域效應(yīng)所帶來的矛盾便在各地區(qū)之間凸現(xiàn)出來,因此在主權(quán)債務(wù)危機的背景之下,對歐元區(qū)貨幣政策區(qū)域效應(yīng)的研究有著現(xiàn)實的指導(dǎo)意義。 本文首先從貨幣政策的目標(biāo)、工具以及歐元區(qū)貨幣政策決策機制的角度對歐元區(qū)的貨幣政策體系進行了分析,并對歐洲中央銀行在2001年至2012年間的貨幣政策操作進行回顧與總結(jié),探討了現(xiàn)有歐元區(qū)貨幣政策體系存在的可能導(dǎo)致貨幣政策區(qū)域效應(yīng)的問題。隨后,從貨幣政策傳導(dǎo)機制的利率渠道、信貸渠道以及匯率渠道的角度討論了貨幣政策區(qū)域效應(yīng)的影響因素并應(yīng)用格蘭杰因果檢驗與VAR模型對歐元區(qū)貨幣政策的區(qū)域效應(yīng)進行了實證檢驗。實證檢驗結(jié)果說明單一貨幣政策對歐元區(qū)不同成員國造成的影響存在顯著差異,小國與外圍國家受到貨幣政策的沖擊程度更為嚴(yán)重,歐洲中央銀行的貨幣政策事實上為經(jīng)濟規(guī)模較大的成員國所主導(dǎo)。最后,提出了改善貨幣政策決策機制、強化財政紀(jì)律、疏通貨幣政策傳導(dǎo)渠道以及進一步推動歐洲經(jīng)濟一體化等建議。
[Abstract]:The euro zone was once regarded as a model of regional monetary integration, but the creation of the euro zone was not entirely an endogenous result of European economic integration. The exogenous forces of the governments of the member states of the European Union are more important. Numerous documents show that there are significant differences in the level of social and economic development among the member states of the euro zone. Up to now, the standard of constructing the optimal currency area has not been reached, so it is inevitable that the single European Central Bank carries out the unified monetary policy to the member countries, which can not take into account the specific objectives of each country. Due to the differences in the transmission mechanism of monetary policy in different countries, the monetary policy implemented by the European Central Bank has different policy effects in different regions in terms of degree and time lag. Thus the regional effect of monetary policy is produced. When the economic growth of each region in the monetary area is consistent with the pace of fiscal policy, the regional effect is not significant, but when the currency area is facing asymmetric impact. The contradiction brought by the regional effect appears among different regions, so the study of the regional effect of monetary policy in the euro zone has practical guiding significance under the background of the sovereign debt crisis. This paper first analyzes the monetary policy system of the euro area from the perspective of monetary policy objectives, tools and the monetary policy decision-making mechanism in the euro area. It also reviews and summarizes the monetary policy operation of the European Central Bank from 2001 to 2012. This paper probes into the problems existing in the existing monetary policy system in the euro area which may lead to the regional effect of monetary policy. Then, from the interest rate channel of the monetary policy transmission mechanism. From the perspective of credit channel and exchange rate channel, this paper discusses the influencing factors of the regional effect of monetary policy, and applies Granger causality test and VAR model to empirically test the regional effect of monetary policy in the euro area. The results show that there are significant differences in the impact of the single monetary policy on different member countries of the euro zone. The monetary policy of the European Central Bank is in fact dominated by the larger member countries. Finally, it proposes to improve the decision-making mechanism of monetary policy. Strengthen fiscal discipline, ease monetary policy transmission channels and further promote European economic integration and other proposals.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F821.6

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