An Analysis on China's Monetary Policy Effect at Regional Rationing Equilibrium
通过实证模型发现中国货币政策存在显著区域效应，信贷配给导致金融资源跨区流动受限并不对称影响实体经济，指出打破金融市场壁垒才是解决区域差异的关键。
By implementing Vector Auto-regression Model and General Impulse Response Function in the empirical study,this paper finds a significant regional effect of monetary policy in China.After establishing a revised loan decision-making model under information asymmetry assumption,the authors analyze the regional credit rationing in China as a transitional economy that is characterized outstandingly as barriers of financial market By establishing a sample-splitting threshold regression model,the empirical results indicate notable rationing equilibrium characteristics in China's monetary policy.Regional credit rationing and structural credit rationing of China's commercial banks,on the one hand,restrict financial resources free circulation across regions,on the other hand affect regional real economy asymmetrically through credit channel.China's monetary policy effect at regional rationing equilibrium is presented as regional difference of monetary policy effect and rationing equilibrium.The paper conclude that regional differentiation in implementing monetary policy is not a fundamental solution to China's monetary policy regional effect issue,while breaking bank-government barriers of financial market seizes the crux of the problem.