我国股票市场对货币需求冲击的实证研究

随着股票市场的不断发展和壮大，其已成为中央银行货币政策传导机制中的重要环节。本文利用最新的数据，运用现代计量经济实证分析方法，研究股票市场价格对货币供应量的影响程度。结果显示股票市场的发展倾向于减少M1和M2，且对M2的影响比M1小。进而提出中央银行应以股票价格为参考指标，充分运用货币政策工具，防范系统性金融风险的政策建议。

Existing Form and Impact of Our Country's Foreign Debt out of Balance Sheet

The developing stock market has become an important part monetary policy transmission mechanism.Using the latest data,the paper analyzes the impact from share prices fluctuation to money supply by the way of modern empirical analysis.The result shows that the development of the stock market tends to reduce both M1 and M2,in which the decreasement on M2 is relatively less.Finally the paper brings forward recommendations and suggestion that central bank implements monetary policy in reference to stock prices changes.