关键词: 货币政策；宏观审慎政策；超效率SBM；金融效率；区域协调发展

Abstract: This paper explores the effect of financial efficiency on the transmission effects of the “dual pillar” monetary policy and macroprudential policy. Firstly, based on the superefficient SBM model to measure financial efficiency, and the benchmark regression model is used to verify the effectiveness of the “dual pillar” regulation. Then the panel threshold model is used to test the threshold effect of financial efficiency. The results show that financial efficiency significantly enhances policy transmission effects, and there is a significant difference between price based and quantity based monetary policies. Moreover, price based policy is more likely to exert its “amplification effect” through financial efficiency. In terms of regional heterogeneity, some provinces have financial efficiency lower than the minimum threshold requirement during policy implementation. Finally, based on the conclusion, corresponding policy recommendations are proposed, which also provides new perspectives and strategies for regional coordinated development.

Key words: monetary policy; macroprudential policy; ultraefficient SBM; financial efficiency; regional coordinated development