关键词: 经济政策不确定性,货币政策,信贷配置,所有权性质

Abstract: Based on the economic policy uncertainty index of China compiled by Baker et., this paper empirically examines the relationship between economic policy uncertainty, monetary policy and enterprise credit allocation. It further explores the impact of economic policy uncertainty on the effectiveness of China’s monetary policy from the angle of the micro-level. The findings show that: (1) the rising of economic policy uncertainty would inhibit enterprises’ newly increased loans, especially leading to the decrease of the newly increased short-term loans; (2) higher economic policy uncertainty would result in the decrease of the regulating effect of monetary policy on the enterprises’ credit financing, in turn the effectiveness of China’s monetary policy is lowered. Furthermore, the effects of economic policy uncertainty on state-owned enterprises and non state-owned enterprises are quite different.

Key words: economic policy uncertainty; monetary policy; enterprise loans; credit allocation;