Study On The Asymmetric Spatial Effect Of Monetary Policy In China

Monetary policy is the core means of national macro-control,which plays a very important role in government's macroeconomic adjustment.Hence,studies on monetary policy effect are focused on by scholars at home and abroad.As far as current research,most of the researchers are based on macro economics with the assumption prerequisite of same nature in various regions,and they make further analysis of the effectiveness of monetary policy.However,the fact is that evident differences exist in reaction to state unified monetary policy in different regions,which has not been paid enough attention.Since marketing economy was put forward in the reform and opening up,China has been adopting nationwide a clean cut unified monetary policy.China is a vast land with rich resources and long history,molding diverse geographical environment and regional characteristics.In addition,governmental strategic plan and different regional development have some effect on effective implementation of monetary policy,generating space differences.If the factors above left,regional differences will be enlarged which leads to the underdeveloped regions fall behind.In return,the backward basic conditions hold back the effective play of monetary policy.Thus,these regions get into a vicious circle.It is imminent to solve space effect problem.This paper uses relevant judgment criterion of the most excellent monetary region to carry out preliminary test about the existence of Chinese monetary policy space effect,so as to reach the conclusion that in theory,space differences exist in Chinese monetary policy effect.Take statistic analysis and empirical analysis to take a further analysis of space effect of monetary policy and make comprehensive the following two aspects-studies show that time lag of reaction to monetary policy in different regions,time lag being the shortest but best in the eastern regions;the medium place is taken by the middle and western areas;time lag is the longest in the northeastern area.From the point view of regional differences,take a further analysis of plane statistic model of fixed effect made by variable coefficients in 31 provinces.It is believed that China's economy mainly depends on industrial structure,consumption and investment for the time being.Monetary policy has small effect on economic situation.As far as monetary policy,nationwide unified monetary policy can bring different guidance and influence to every provincial economy's development after transmission among different provinces.China's monetary policy has evident differences in space.Monetary policy can take better effect in eastern areas,but may do negative roles in the northeastern areas while make seriously negative influence in Shanxi,Henan and other parts in central areas.On such a basis,analyze reasons combining Chinese current conditions and relevant theories,a variety of factors will be found out which influence in complex aspects and is difficult to make a general analysis.This paper mainly discusses four aspects: regional differences in economic and financial surroundings,regional differences in monetary supplies,regional differences in policy sources and regional differences in microeconomic entity.In the end,under the situation of knowing about social cost taken in by monetary policy-the gag in regional economy is growing.As policies are making,targeted industry policies and financial policies and other macro adjustment means should be carried on to do favor to assist the relevant policies and improve financial system in the backward areas.What's more,to explore monetary policy tools adapted to different regions for the purpose of decreasing the problems caused by space effect of monetary policy.