| 对中国股票市场货币传导效率的实证分析 |
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| 引用本文： | 刘明.对中国股票市场货币传导效率的实证分析[J].华东经济管理,2005,19(11):135-138. |
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| 作者姓名： | 刘明 |
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| 作者单位： | 陕西师范大学,国际商学院,陕西,西安,710062 |
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| 摘 要： | 文章从理论上阐释了财富效应形成机理及其股市货币政策传导机制,然后选择上证综合指数和社会消费总额数据为变量,运用格兰杰检验分析我国股票市场的发展是否有助于刺激居民消费和企业投资,是否有利于货币传导效率。研究发现,我国股市不具备财富效应,货币传导机制还不能从股市
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| 关 键 词： | 财富效应 货币政策传导 格兰杰检验 |
| 文章编号： | 1007-5097（2005）11-0135-04 |
| 收稿时间： | 2005-06-10 |
| 修稿时间： | 2005年6月10日 |
The Demonstration Analysis on the Efficiency of Monetary Policy Transmission in China Stock Market |
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| LIU Ming,ZHU Hong-fei.The Demonstration Analysis on the Efficiency of Monetary Policy Transmission in China Stock Market[J].East China Economic Management,2005,19(11):135-138. |
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| Authors: | LIU Ming ZHU Hong-fei |
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| Institution: | International Business School,Shanxi Normal University,Xi'an 710062,China) |
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| Abstract: | The paper interprets the theory of wealth effect and the transmission mechanism of monetary policy of China stock market.Then we choose the composite index of Shanghai and social consumption as variables.We use Granger Test analyzing whether the development of China stock market is helpful to activate consumption and invest,whether it is useful for the efficiency of monetary policy transmission.It turns out that China stock market does not have wealth effect and the transmission mechanism of monetary policy does not affect consumption and invest through stock market. |
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| Keywords: | wealth effect monetary policy transmission Granger Test |
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