金融结构差异与货币政策传导的区域效应.docVIP

金融结构差异与货币政策传导的区域效应 绿色经济GREEN ECONOMY金融结构差异与货币政策传导的区域效应王书华 崔满红(山西财经大学，山西 太原 030006)摘要：作为货币政策体系中最为关键和核心的环节——货币政策的传导对货币政策效应的发挥具有重要作用。文章在分析我国区域金融结构差异的基础上，利用面板向量自回归模型(PVAR)对保费收入、股本融资以及银行信贷规模等变量进行脉冲响应分析和方差分解，检验了区域金融结构差异对货币政策信贷传导的重要影响。数据分析和模型检验发现保费收入、股本融资等区域金融结构间的变量差异在统一货币政策传导中存在着非对称性，我国货币政策传导存在着较为显著的区域效应。改善货币政策调控的经济效应，提高货币政策传达的效率，需要政府在制度和政策方面完善区域间巨大的金融结构差异。关键词：金融结构；货币政策传导；区域金融；面板向量自回归文献引用：王书华，崔满红. 金融结构差异与货币政策传导的区域效应[J]. 生态经济，2010(5)：49～54，58.中图分类号：F832.1；F822.0 文献标识码：AFinancial Structure Differences and the Regional Effects of Monetary Policy TransmissionWANG Shuhua, CUI Manhong(Shanxi University of Finance amp; economics, Taiyuan Shanxi 030006, China)Abstract: As the core and the most critical link of the monetary policy system, the transmission of monetary policy plays an important role in monetary policy system. Based on the analysis of China#039;s regional financial structure differences, this article use the panel vector auto-regression model (PVAR) of premium income, equity financing and bank credit to analysis its impulse response function and the variance decomposition, then according to the model to analysis the effect of the financial structure difference to monetary policy transmission. Data analysis and model test showed that premium income, equity financing and other variables among the regional financial structure differences exist an non-symmetry effect in unified monetary policy transmission. Thus China#039;s monetary policy transmission exist a significant regional effects. To improve the effects of monetary policy, and strengthen the efficiency of monetary policy transmission, the government needs to make a lot on policies and sound system to reduce the gap among the regional financial structure difference.Key words: financial structure; monetary policy transmission; regional Financial; panel VAR区及其中央银行的货币政策操作使得货币政策传导效率的1 引言区域差异受到广泛关注。作为调控经济运行的最重要的经济手段之一，货币政[3]Altavilla以欧元区国家为研究对象，运用结构向量策在熨平经济波动过程中起着举足轻重的作用。经济学对自回归模型(SVAR)对欧洲中央银行货币政策传导进行了货币作用于