| 中国货币供应量与股票市场价格关系的实证分析 |
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| 引用本文： | 李艳.中国货币供应量与股票市场价格关系的实证分析[J].上海金融学院学报,2011(1):39-47. |
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| 作者姓名： | 李艳 |
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| 作者单位： | 广东金融学院,广东,广州,510521 |
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| 摘 要： | 股票市场作为货币政策传导的渠道,一方面通过货币供应量影响股票市场价格,另一方面股票市场价格的变动反馈到投资、消费等领域,从而影响宏观经济以实现货币政策的目标。本文对我国货币供应量与股票市场价格关系进行了实证检验,分析检验结果后认为我国各层次的货币供应量与股票市场价格存在长期的协整关系,其中股票市场价格处于因方地位,货币供应量处于果方地位。本文的实证结论在一定程度上反映了目前我国股票市场的货币政策传导效率不高,还没有发挥其应有的作用,这与我国股票市场自身缺陷有很大关系。
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| 关 键 词： | 货币供应 股票市场价格 协整 |
An Empirical Analysis on the Relationship between Money Supply and Stock Price |
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| Li Yan.An Empirical Analysis on the Relationship between Money Supply and Stock Price[J].Journal of Shanhai Finance University,2011(1):39-47. |
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| Authors: | Li Yan |
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| Abstract: | This paper firstly reviews theories of the relationship between money supply and stock market price,subsequently introduces stock market transmission mechanism of monetary policies,influence on money supply of stock market development,and some positive researches made by economists from home and abroad,then presents some E-conometric methodologies and then verifies the co integration relationship between money supply and stock market price in which stock market price Granger causes the former,af-ter a posit... |
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| Keywords: | money supply stock market price co-integration |
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