Degree of Marketization

Financial development level

Quantitative monetary policy transmission

Price based monetary policy transmission

Quantitative monetary policy transmission

Price based monetary policy transmission

(1)

High degree of Regional Marketization

(2)

Low degree of Regional Marketization

(3)

High degree of Regional Marketization

(4)

Low degree of Regional Marketization

(5)

High level of regional financial development

(6)

Low level of regional financial development

(7)

High level of regional financial development

(8)

Low level of regional financial development

MP(−1)

−13.991**

(−2.40)

−1.318***

(−4.71)

0.008***

(4.69)

0.006***

(4.01)

−12.914*

(−1.80)

−18.467*

(−1.67)

0.008***

(5.65)

0.022***

(5.39)

DLL

0.506*

(1.95)

0.372**

(2.00)

−0.015**

(−2.32)

−0.009***

(−2.73)

0.670*

(1.68)

0.808*

(1.81)

−0.006**

(−2.37)

−0.011***

(−3.46)

MP(−1)*DLL

−3.441***

(−3.18)

−1.610*

(−1.75)

0.008***

(5.30)

0.002**

(2.25)

−2.929*

(−1.78)

−4.658**

(−1.98)

0.001**

(2.55)

0.005***

(2.78)

Constant term

1.984

(1.34)

1.483

(1.40)

−0.042***

(−4.04)

−0.052*

(−1.79)

1.975

(1.46)

3.469*

(1.72)

−0.023***

(−0.42)

−0.020*

(−1.92)

Variable of control

control

control

control

control

control

control

control

control

Year fixed effect

control

control

control

control

control

control

control

control

Industry fixed effects

control

control

control

control

control

control

control

control

Adjusted R²

0.048

0.030

0.297

0.417

0.067

0.041

0.260

0.420

Total number of panel observations

1058

1009

1058

1009

1054

870

1054

870