A Study On The Chinese Regional Difference Of Regulation Efficiency Of Monetary Policy

The Southeast Asia financial crisis in 1997 rewrites the history of Chinese financial macro-regulation. In order to deal with the attack of the Southeast Asia financial crisis, Chinese government carries out the sound fiscal and monetary policies for 6 continuous years from1998, which is very effective to extend domestic demand for economic growth, and demonstrates fully the great power of them in the trouble. Nowadays, sound fiscal policy will step down from the stage of history step by step, in the wake of the increase of the dependency ratio of the central government fiscal debts, the decrease of investment effect of the fiscal large-scale basic structure and the appearance of Crowding out Effect. And the monetary policy will expand domestic demand alone and promote the economic growth and economic restructuring.The people's bank of china executes the monetary policy. The whole country reduces or expands simultaneously, and all the regions adapt vigorously to the central monetary policy. However, according to the latest economic regional separation, the differences of regional economic and finance in china are extending obviously along with the continuous economic growth. Thanks to the non-equilibrium between regional economics and financial development, the measure of unified monetary policy macro-regulation makes different influences to the different areas. Then, the non-equilibrium not only restricts the elaboration of the monetary policy, and also weakens its effect. The further economic development makes still greater demands on monetary policy regulation, along with the enhancement of the monetary policy effect.Aiming at this realistic problem, this thesis begins its studies. Choosing the year's datum of the relevant economic variables from 1994 to 2004, it combines logic reasoning and statistic analysis, horizontal and vertical comparisons, and uses the relevant theory and method of finance, econometrics, institutional economics and regional economics in a comprehensive way. It analyzes the regional differences of Chinese monetary policy, and further probe into how to perfect the regional regulation system of Chinese monetary policy.The full text can be divided into three parts. Part one analyzes the regional differences and its reasons under the unified regulation of Chinese monetary policy. On the basis of original data transformation processing, Part two firstly does cluster analysis according to the financial deepening degree of 31 Chinese provinces in 2004. And then, the thesis uses co integration method to do further empirical analysis on the regional differences of monetary policy, and uses granger causality test to test the causality relation between each regional real GDP and its credit. Part 3 probes into how to perfect the regional regulation system of Chinese monetary policy on the basis of mentioned analysis above.