我国统一货币政策调控的区域效应非对称性分析

由于人民币升值的压力和我国国际收支的双顺差,外国资产迅速扩张,外汇占款成了我国基础货币的主要投放渠道。由于各区域的经济对外开放程度存在差异,统一的货币政策在不同区域的效应可能存在差异。通过对我国2004年第1季度至2011年第2季度央行统一的货币政策操作在不同区域的政策效应的非对称性进行了理论分析和实证检验,认为对东中西部应分别采用不同的货币政策。

Analysis of the Non-symmetry of the Regional Effect of the Regulation of the Currency Policy in China

Under the pressure of RMB appreciation and the double surplus of China’s balance of payments, foreign exchange assets have expanded rapidly. Funds outstanding for foreign exchange has been the main channel for the People’s Bank of China to put monetary base on the market. However, due to the imbalance of opening in different areas, the unified monetary policy will have asymmetric regional effects in different areas. In this paper, theoretical and empirical analyses have been done to research the asymmetric regional effects of monetary policy under the central bank’s unified policy operation from the first quarter of 2004 to the second quarter of 2011. Some suggestions have been proposed finally.