Research On Regional Effects Of Monetary Policy From The Perspective Of Credit Transmission Channel

Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy. From the practice of monetary policy in our country, we can see that because of the different economy and finance in different regions, the conduction effects of monetary policy in different areas are obvious differently. Those effects of monetary policy seriously weaken at some extent even distorted the role and effectiveness of macro-economic regulation, but also increased the gap among different regions. They were also hindered the development of regional economy.This thesis mainly concerned about the regional effects of Chinese monetary policy from the perspective of credit transmission channel. Theoretically, basic theories of monetary policy, credit transmission mechanism, credit transfer to the regional effects of monetary were explored. Empirically, the validity of bank lending and balance sheet channel of China's monetary policy were argued. In addition, according to the"coordinated development of regional strategies and policies"in the""Eleventh Five-Year"China (mainland) region of concrete ideas"which released by State Council Development Research Center, our country is divided into eight integrated economic zone. The regional effects of various economic zones were empirical test on the basis of that division. Finally, reasons of monetary policies'regional effects were elaborated, and some consequential recommendations. In the unified monetary policy situation, improve the finance and the economic environment, to perfect the behavior of commercial bank and the mechanism, enhances the enterprise and the resident's degree of sensitivity to the monetary policy's credit transmission channel. Thus, improve the efficiency of monetary policy; reduce the different of regions; to promote the reality in regional development.