The Research Of Monetary Policy Regional Different Effects In China

As a big developing country of China, a serious problem confronted with in Macro-control process is the imbalance state of regional economic development. Fiscal policies, such as, national debt、transfer payment、tax policy etc. , gave more attentions on the regional economic different, and in the process of positive fiscal policy effects room is shrinking, How does the single monetary policy emphasize on the differences of regional economic? Under this question, explore How to improve the monetary policy effectiveness and diminish the expanding regional economic gap from monetary policy have a more important practical significance.The centre problems of this paper are explain the real reasons of monetary policy effects different among regional since the reform and opening and raise the policy suggestions. The full text opened the research from four main fields: First, Review and summarize the newest monetary policy effect research achievements. Second, from the reform and opening and progressive institutional change aspects, Review the Chinese government imbalance development strategy‘s economic and monetary policies, which want to explain the historical inevitability of monetary policy regional effects in the process of institutional transition, and infer the reform and opening was not the simple historical background, but was the deep reason in logic in forming monetary policy regional effects. Third, Use VAR method, analyzing the conflict between regional dualistic structures and single monetary policy, prove the existence of monetary policy regional effects, find out the different industrial structures and regional financial development were the direct reasons causing the monetary policy regional effects. Fourth, from the optimum monetary policy theory, redistrict the Chinese economic regional for carry out differentiate monetary policy. Fifth, Take USA and Japan as examples, analyze the two counties economic and financial policy methods to reduce the gap of regional economic at the initial stage of economic development, and conclude the experiences that China can draw on. On the basis of above analysis, policy suggestions, under the single monetary policy, differentiate portion of regional financial and monetary policies.The main concludes in this paper: First, since the reform and opening, the deep reason of monetary policy regional effects is the imbalance macroeconomic strategy“accumulate effects”in the process of economic institutional change. The direct reasons of monetary policy regional effects were the differences of regional economic and financial development which come from the institutional change since reform and opening, and its function mechanism—monetary policy transmission was more rely on the micro financial operation mechanism as the monetary policy regulate and control ways became more indirect, The significance differences of regional economic and financial development have no doubt lead to the differences of microeconomic and financial bodies, namely, the micro differences of monetary policy transfer media, this differences generate the monetary policy regional effects and weaken the monetary policy whole effects. Second, from the optimum monetary policy theories, and on the basis of collaborative indicators analysis, testify China is not optimum monetary policy areas. On the economic collaborative indicators convergence principle, we could divide China into six economic areas; differentiate portion of monetary policies could be carried out among these areas, the monetary policy has the same effects in areas and different effects among areas, but if monetary policy arranged properly, it would make the monetary policy effects similarly. Third, the significance gap among regional would lead to the regional economic development”trickle-down effects”inefficacy. That was say, it is hard to reduce the regional economic gaps using the market power in China, the only way to reduce the gap is using the government macro-control power. Fourth, Policy suggestions to tackle with the monetary policy regional effects, first of all, insist on the balance regional economic development strategy at macro levels, continue to carry out Western Development, vitalizing the northeast old industrial base and rise of central china strategy put into practice; Next, use fiscal、industrial、foreign trade and income distribution methods to regulate the western and middle areas industrial structures, improve foreign trade and reduce the regional economic gaps; Once more, lean to middle、western and northeast areas more financial policies to improve their financial levels; Last, under the single monetary policy, differentiate portion of regional monetary policies to shrink the single monetary policy regional effects in actual.Innovations practice: First, Use China that is a economic institutional gradual change and big developing country as the research target, under the reform and opening special era background, on the basis of the imbalance macroeconomic development strategy, explore the monetary policy regional effects, unveil the deep reason of affect monetary policy transmission——policy factor, it was scarce in the literatures and research results. It unveil the integrate regional economy and financial structures are the precondition to carry out single monetary policy, and the paradox between Chinese regional economies、financial dualistic structure and single monetary policy. Second, under the optimum monetary areas theory, redistrict Chinese economic areas. In single integrate country, explore the economic collaborative indicators as the district methods. The six areas display the economic collaborative indicators seriously convergence in their areas, it provide the targets for differentiate portion of regional monetary policies, under the single monetary policy, improve the practicability for the policy suggestion, and the centre bank could design the differential monetary policy tools. Third, draw the systemic and operable policy suggestions.