【摘要】：貨幣政策是一國(guó)中央銀行調(diào)控宏觀經(jīng)濟(jì)的重要手段。我國(guó)幅員遼闊，又處在經(jīng)濟(jì)轉(zhuǎn)型期，經(jīng)濟(jì)發(fā)展的基本特征是區(qū)域發(fā)展不平衡。我國(guó)東部、中部、西部以及東北地區(qū)的金融發(fā)展程度不一。在一般的理論研究中，區(qū)域同質(zhì)化是研究貨幣政策傳導(dǎo)的假設(shè)前提。然而在實(shí)施過(guò)程中，很難滿足這種經(jīng)濟(jì)學(xué)意義的假設(shè)前提，各區(qū)域內(nèi)的金融結(jié)構(gòu)存在相當(dāng)之大的差異。 本文首先對(duì)國(guó)內(nèi)外有關(guān)金融結(jié)構(gòu)以及貨幣政策區(qū)域效應(yīng)的研究文獻(xiàn)進(jìn)行了回顧與評(píng)述，以金融結(jié)構(gòu)理論為切入點(diǎn)，從金融機(jī)構(gòu)和金融市場(chǎng)的角度分析區(qū)域金融結(jié)構(gòu)差異與貨幣政策傳導(dǎo)機(jī)制的相互關(guān)系，分析其作為金融中介在貨幣政策傳導(dǎo)機(jī)制中的重要作用。然后，理論與實(shí)際相聯(lián)系，綜合銀行業(yè)、證券業(yè)和保險(xiǎn)業(yè)的各項(xiàng)指標(biāo)，利用因子分析法構(gòu)建區(qū)域金融發(fā)展指標(biāo)，以定量的方式描述我國(guó)區(qū)域金融發(fā)展差異，并且采用多種金融結(jié)構(gòu)指標(biāo)從區(qū)域金融機(jī)構(gòu)差異和區(qū)域金融市場(chǎng)差異兩個(gè)角度，，更細(xì)致的對(duì)四大區(qū)域的金融結(jié)構(gòu)差異進(jìn)行描述。 本文實(shí)證選取1984年—2010年27年的年度數(shù)據(jù)，運(yùn)用VAR模型以及脈沖響應(yīng)函數(shù)實(shí)證檢驗(yàn)了我國(guó)貨幣政策存在區(qū)域效應(yīng)，發(fā)現(xiàn)在國(guó)家統(tǒng)一貨幣政策的作用下，我國(guó)東部地區(qū)對(duì)貨幣政策的反應(yīng)與全國(guó)總體情況擁有更大的一致性。我們從金融結(jié)構(gòu)差異的角度對(duì)貨幣政策區(qū)域效應(yīng)產(chǎn)生的原因進(jìn)行分析，認(rèn)為差異產(chǎn)生的原因是區(qū)域間金融總量、金融機(jī)構(gòu)以及金融市場(chǎng)的結(jié)構(gòu)不一致，東部地區(qū)與中、西、東北地區(qū)的金融結(jié)構(gòu)差異明顯。東部地區(qū)金融發(fā)展程度較高，對(duì)金融資源的占有量也有絕對(duì)優(yōu)勢(shì)。在文章的最后提出了解決貨幣政策區(qū)域效應(yīng)的關(guān)鍵在于優(yōu)化金融總量結(jié)構(gòu)、金融機(jī)構(gòu)結(jié)構(gòu)和金融市場(chǎng)結(jié)構(gòu)的政策建議，并且提出在區(qū)域金融結(jié)構(gòu)差異存在的現(xiàn)狀短期不能改變的情況下，應(yīng)當(dāng)實(shí)施區(qū)域化存款準(zhǔn)備金政策、再貼現(xiàn)政策和公開市場(chǎng)操作政策。
[Abstract]:Monetary policy is an important means for a country's central bank to regulate and control macroeconomics. China has a vast territory and is in the period of economic transformation. The basic characteristic of economic development is the imbalance of regional development. The financial development of eastern, central, western and northeast China is different. In general theoretical research, regional homogenization is the hypothetical premise of studying monetary policy transmission. However, in the process of implementation, it is difficult to meet the hypothesis of economic significance, and the financial structure in each region is quite different. This paper first reviews and comments on the research literature on financial structure and regional effect of monetary policy at home and abroad. Based on the theory of financial structure, this paper analyzes the relationship between regional financial structure differences and monetary policy transmission mechanism from the perspective of financial institutions and financial markets, and analyzes its important role as a financial intermediary in monetary policy transmission mechanism. Then, the theory and practice are related to each index of banking, securities industry and insurance industry, and the regional financial development index is constructed by factor analysis method to describe the difference of regional financial development in China in a quantitative way, and a variety of financial structure indicators are used to describe the financial structure difference of the four regions from two angles of regional financial institution difference and regional financial market difference. Based on the annual data from 1984 to 2010, this paper empirically tests the regional effects of monetary policy in China by using VAR model and impulse response function. It is found that under the action of national unified monetary policy, the response of eastern China to monetary policy is more consistent with the overall situation of the whole country. From the point of view of the difference of financial structure, we analyze the causes of the regional effect of monetary policy, and think that the reasons for the difference are the total amount of finance, the structure of financial institutions and the structure of financial market, and the difference of financial structure between the eastern region and the central, western and northeast regions is obvious. The eastern region has a high degree of financial development, and also has an absolute advantage in the possession of financial resources. At the end of the paper, the key to solve the regional effect of monetary policy is to optimize the total financial structure, the structure of financial institutions and the structure of financial market, and puts forward that the policy of regionalized deposit reserve, rediscount policy and open market operation policy should be implemented under the condition that the present situation of regional financial structure differences can not be changed in the short term.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F822.0;F832

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