Abstract:

The selection of macro monetary policy should be based on the correct judgment of micro enterprises’ behavior. This article researches the difference of monetary policy’s risk transmission effect on enterprises from different districts. The result shows that monetary policy has different risk transmission effects on enterprises from different economic districts and different provinces. Interest rate has greater risk transmission effect on enterprises from different economic districts and provinces than deposit reserve rate. The conclusion of this article can provide thought of regional monetary policy for central bank on macro level, and provides basis of the choice of investment region for enterprises on micro level.

摘要：

宏观货币政策选择须建立在微观企业行为的正确理解之上。本文从风险维度研究货币政策对不同区域企业的传导效应差异，结果表明货币政策对不同经济区域企业的风险传导效应存在差异，对不同省份企业的风险传导效应也各不相同。利率对不同经济区域以及不同省份企业的风险传导效应均强于存款准备金率。本研究结论在宏观层面可为央行制定区域货币政策提供思路，在微观层面可为企业选择投资区域提供参考依据。

关键词: 货币政策, 风险传导, 区域效应