货币政策风险传导微观机制的区域异质性

摘要

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 in different regions.The result shows that monetary policy has different risk transmission effects on enterprises in different economic regions and different provinces.Interest rate has greater risk transmission effect on enterprises in different economic regions and provinces than de -posit reserve rate.The conclusion of this article can provide enlightenment for cetral bank when making regional monetary poli -cies on macro level , and references for enterprises in their choice of investment region on micro level.%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传导机制的差异，结果表明：同一货币政策工具对不同经济区域、不同省份的风险传导效应均存在差异；利率对不同经济区域以及不同省份企业的风险传导效应强于存款准备金率。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。