货币流动性和市场流动性:波动与风险

目前,货币流动性和市场流动性的关系成为股票市场参与者关注的焦点。本文分析了货币流动性与市场流动性的联系,实证研究了货币流动性和市场流动性的波动关系,以及货币流动性对市场流动性风险的影响,发现货币流动性M2、M1和市场非流动性动态负相关,M0与市场非流动性动态不相关;货币流动性M2和M1的正向冲击能一定程度降低市场流动性波动风险,而M0会增加市场流动性波动风险,市场流动性风险自身是影响市场后期流动性风险的最大因素。

Monetary Liquidity and Market Liquidity:Volatility and Risk

The relationship of monetary liquidity and market liquidity has become the focus of participants in the stock market now.This paper analyzes the contact of monetary liquidity and market liquidity,empirically studies the fluctuating relationship of monetary liquidity and market liquidity,and the effect of monetary liquidity on market liquidity risk.The research shows M2 and M1 are dynamically negatively related to market illiquidity,while M0 is not related to market illiquidity.The positive impulse of M2 and M1 can reduce market liquidity volatility risk to a certain extent,while M0 can increase market liquidity volatility risk.Market liquidity risk itself is the biggest factor which affects the following market liquidity risk.