本文選題：地方政府投資 + 貨幣政策　； 參考：《湘潭大學(xué)》2012年碩士論文

【摘要】：貨幣政策作為中央政府宏觀經(jīng)濟(jì)調(diào)控的重要措施，要達(dá)到其既定的目標(biāo)不僅要有高效的傳導(dǎo)機(jī)制，也需要各微觀主體——地方政府、銀行、企業(yè)、消費(fèi)者的積極配合。但在現(xiàn)實(shí)中，由于參與貨幣政策傳導(dǎo)的微觀主體為了追求自身利益最大化，所以其決策產(chǎn)生的結(jié)果可能與貨幣政策既定的目標(biāo)不一致，導(dǎo)致貨幣政策效率降低。本文以地方政府作為研究對(duì)象，分析其為了追求本地區(qū)經(jīng)濟(jì)利益最大化而進(jìn)行的投資行為對(duì)貨幣政策有效性的影響，對(duì)提高貨幣政策有效性具有重要的理論意義和現(xiàn)實(shí)意義。 本文首先梳理了有關(guān)地方政府職能定位、地方政府投資行為與經(jīng)濟(jì)增長(zhǎng)的關(guān)系、地方政府投資與貨幣政策有效性關(guān)系的國(guó)內(nèi)外研究文獻(xiàn)；其次根據(jù)地方政府行為理論以及我國(guó)的現(xiàn)實(shí)情況分析了地方政府產(chǎn)生投資沖動(dòng)的原因以及投資的影響因素等；再次通過(guò)貨幣政策傳導(dǎo)的利率、信貸渠道分析了地方政府投資行為對(duì)貨幣政策的響應(yīng)程度，研究了地方政府投資如何影響總產(chǎn)出和物價(jià)，最終對(duì)貨幣政策有效性產(chǎn)生影響；最后利用我國(guó)的經(jīng)濟(jì)數(shù)據(jù)建立兩個(gè)6變量VAR模型實(shí)證檢驗(yàn)了地方政府投資行為對(duì)貨幣政策有效性的影響。 通過(guò)研究，本文得出以下結(jié)論：貨幣政策的變動(dòng)會(huì)引起地方政府投資行為的變化，不同貨幣政策工具的影響力由大到小依次是貨幣供應(yīng)量、信貸規(guī)模、利率，但相對(duì)于擴(kuò)張性貨幣政策，，地方政府投資對(duì)緊縮性貨幣政策的敏感性不強(qiáng)；數(shù)據(jù)顯示我國(guó)地方政府投資常年保持高速增長(zhǎng)的趨勢(shì)，它的增長(zhǎng)直接促進(jìn)地區(qū)經(jīng)濟(jì)增長(zhǎng)，并帶動(dòng)地方企業(yè)投資和居民消費(fèi)的增長(zhǎng)，引起地方總產(chǎn)出增長(zhǎng)，但同時(shí)導(dǎo)致通貨膨脹，最終降低貨幣政策有效性。本文在最后對(duì)規(guī)范地方政府投資行為，進(jìn)而更有效地傳導(dǎo)貨幣政策提出了政策建議，包括優(yōu)化財(cái)政分權(quán)和分稅制、完善績(jī)效考核制度、優(yōu)化財(cái)政支出結(jié)構(gòu)、加強(qiáng)對(duì)地方政府的監(jiān)督、提升地方政府的貨幣政策傳導(dǎo)效率。本文的創(chuàng)新是將地方政府假設(shè)成追求本地區(qū)經(jīng)濟(jì)利益最大化的經(jīng)濟(jì)人，利用數(shù)據(jù)實(shí)證我國(guó)地方政府投資對(duì)貨幣政策有效性影響的現(xiàn)實(shí)狀況。
[Abstract]:Monetary policy, as an important measure of the central government's macroeconomic control, needs not only efficient transmission mechanism, but also the active cooperation of local government, banks, enterprises and consumers in order to achieve its established goal. However, in reality, the micro-subjects involved in the transmission of monetary policy in order to maximize their own interests, so the results of its decision-making may not be consistent with the established objectives of monetary policy, resulting in lower efficiency of monetary policy. This article takes the local government as the research object, analyzes its investment behavior to pursue the local economic benefit maximization to the monetary policy validity influence, has the important theory significance and the practical significance to enhance the monetary policy validity. Firstly, this paper combs the domestic and international literature on the function orientation of local government, the relationship between local government investment behavior and economic growth, and the relationship between local government investment and monetary policy effectiveness. Secondly, according to the behavior theory of local government and the reality of our country, this paper analyzes the reason of local government's investment impulse and the influencing factors of investment, and the interest rate transmitted through monetary policy. The credit channel analyzes the response degree of the local government investment behavior to the monetary policy, studies how the local government investment affects the total output and the price, and finally has the influence on the monetary policy validity; Finally, two 6-variable VAR models based on Chinese economic data are established to test the effect of local government investment behavior on the effectiveness of monetary policy. Through the research, this paper draws the following conclusion: the change of monetary policy will cause the change of local government investment behavior, the influence of different monetary policy tools is money supply, credit scale, interest rate in turn. However, compared with the expansionary monetary policy, the local government investment is not sensitive to the contractionary monetary policy, and the data show that the local government investment in our country keeps increasing at a high speed all the year round, and its growth directly promotes the regional economic growth. It also leads to the growth of local enterprise investment and resident consumption, which leads to the increase of local total output, but at the same time leads to inflation, which ultimately reduces the effectiveness of monetary policy. In the end, the paper puts forward some policy suggestions to standardize the investment behavior of local government and conduct monetary policy more effectively, including optimizing fiscal decentralization and tax distribution, perfecting the performance appraisal system, optimizing the structure of fiscal expenditure. Strengthen the supervision of local governments and improve the transmission efficiency of local governments' monetary policy. The innovation of this paper is to assume the local government as the economic man who pursues the maximization of the local economic benefits, and to use the data to demonstrate the actual situation of the influence of the local government investment on the effectiveness of monetary policy.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F822.0

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