【摘要】：貨幣政策是一國中央銀行調控宏觀經濟的重要手段。我國幅員遼闊，又處在經濟轉型期，經濟發(fā)展的基本特征是區(qū)域發(fā)展不平衡。我國東部、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)域同質化是研究貨幣政策傳導的假設前提。然而在實施過程中，很難滿足這種經濟學意義的假設前提，各區(qū)域內的金融結構存在相當之大的差異。 本文首先對國內外有關金融結構以及貨幣政策區(qū)域效應的研究文獻進行了回顧與評述，以金融結構理論為切入點，從金融機構和金融市場的角度分析區(qū)域金融結構差異與貨幣政策傳導機制的相互關系，分析其作為金融中介在貨幣政策傳導機制中的重要作用。然后，理論與實際相聯(lián)系，綜合銀行業(yè)、證券業(yè)和保險業(yè)的各項指標，利用因子分析法構建區(qū)域金融發(fā)展指標，以定量的方式描述我國區(qū)域金融發(fā)展差異，并且采用多種金融結構指標從區(qū)域金融機構差異和區(qū)域金融市場差異兩個角度，，更細致的對四大區(qū)域的金融結構差異進行描述。 本文實證選取1984年—2010年27年的年度數(shù)據(jù)，運用VAR模型以及脈沖響應函數(shù)實證檢驗了我國貨幣政策存在區(qū)域效應，發(fā)現(xiàn)在國家統(tǒng)一貨幣政策的作用下，我國東部地區(qū)對貨幣政策的反應與全國總體情況擁有更大的一致性。我們從金融結構差異的角度對貨幣政策區(qū)域效應產生的原因進行分析，認為差異產生的原因是區(qū)域間金融總量、金融機構以及金融市場的結構不一致，東部地區(qū)與中、西、東北地區(qū)的金融結構差異明顯。東部地區(qū)金融發(fā)展程度較高，對金融資源的占有量也有絕對優(yōu)勢。在文章的最后提出了解決貨幣政策區(qū)域效應的關鍵在于優(yōu)化金融總量結構、金融機構結構和金融市場結構的政策建議，并且提出在區(qū)域金融結構差異存在的現(xiàn)狀短期不能改變的情況下，應當實施區(qū)域化存款準備金政策、再貼現(xiàn)政策和公開市場操作政策。
[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.
【學位授予單位】：南京財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F822.0;F832

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