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An Empirical Study on Regional Effects of China’s Monetary Policy

Author: LuLingLing
Tutor: PanYingLi
School: Shanghai Jiaotong University
Course: Finance
Keywords: monetary policy comsuming effects investing effects regional differences vector autoregression model
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 212
Quote: 0
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Abstract


Monetary policy refers to the central bank uses various tools by controlling the money supply and interest rates to fulfill the implementation of economic objective (prices stabilization, economic growth promotion, the realization of full employment and the balance of payments ), which further affects the macroeconomic policies and measures to our monetary policy. The main objective is to maintain currency stability of the value of the currency and thereby promote economic growth.The central bank uses monetary tools like interest rate, reserve rate and open market operation to adjust money supply, which is the indicator of monetary policy.The total amount is adjusted, but because of the regional imbalances, the economic and financial development level between the four economic blocks, which is the eastern, central, western and northeastern, are very different, resulting in the differet sensitivity to monetary policy.“one size fits all”policy is set according to total amount, but the differences from the regional indicators and the policy transmission process may make the uneven regional economic development worse.This article analyzes the reason of regional differences on consumption and investment, by studying the consumption and investment effects of monetary policy, combing western classical theory and the facts from China’s four major economic blocks, including the differences from consumption behavior, the distribution of financial institutions, enterprise ownership and size, the efficiency of business investment and industrial structure.The author obtains conclusions by using simple regression, VAR model, cointegration, impulse response and variance decomposition method of quantitative analysis, and studying the relationship between the intermediate target of monetary policy ,consumption and investment.The main points are as follows:Chapter I introduces the background, research significance, and conducting the literature review. Some improvements for the current research are proposed accordingly. Finally, there are discussions on the research idea, overall framework, and the noval points.Chapter II studys the theory of the regional effects of monetary policy, and concludes that the reginal effects may have on the income gap, the credit transmission channel obstruction and so on.Chapter III analyzes the goal of our monetary policy and mechanism of conduction and consumption, also our monetary policy in control of consumption and investment spending on a regional effect, from financial institutions distribution, ownership of enterprises, enterprises and enterprise efficiency of investment and differences in industrial structure.Chapter IV is an empirical study on the regional effects of monetary policy. We apply a regression analysis, VAR model, impulse response function and variance decomposition to analyze the differences in consumption and investment returns.Chapter V proposes recommendations for the policy, analyzing the problems brought by the monetary policy area of effect and suggesting some policy proposals.Chapter VI gives a summary.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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