Regional Heterogeneity Analysis of Macroprudential Policy Responses
- https://doi.org/10.2991/assehr.k.220504.019How to use a DOI?
- macro-prudential policy; regional effect; industrial structure; financial development index; counter-cyclical regulation
The global financial crisis in 2008 made people realize that the role of monetary policy in maintaining financial system stability is limited. In that case, macro-prudential policy came into being. At present, there is a lack of related research on the evaluation of this policy effect. Given this, this paper constructs a macro-prudential policy response index, which scales the policy responses from 31 provincial-level administrative regions for 45 quarters from 2010 to 2021. Besides, a fixed-effect model was used to attribute the differences of performance results. The results show four: (1) The macro-prudential policy responses of China regions can be divided into four: the response invalid region, the typical response region, the excellent response region, and the excessive response region. (2) The provincial macro-prudential policy response is related to financial development: The higher the financial development, the stronger the macro-prudential policy response. (3) The macro-prudential policy response of provincial-level administrative regions is also related to the advanced industrial structure. The higher the provincial administrative region, the stronger the macro-prudential policy response. (4) The difference in the macro-prudential policy response is also affected by the rationality of the regional industrial structure. The lower the need for intervention, the more likely the market’s self-regulatory effects are offsetting each other.
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Cite this article
TY - CONF AU - Tangle Zhou PY - 2022 DA - 2022/06/01 TI - Regional Heterogeneity Analysis of Macroprudential Policy Responses BT - Proceedings of the 2022 8th International Conference on Humanities and Social Science Research (ICHSSR 2022) PB - Atlantis Press SP - 97 EP - 102 SN - 2352-5398 UR - https://doi.org/10.2991/assehr.k.220504.019 DO - https://doi.org/10.2991/assehr.k.220504.019 ID - Zhou2022 ER -