股票价格与货币需求关系的实证分析

股票价格对货币需求具有财富效应、资产组合效应、交易效应和替代效应,最终影响取决于四种效应的综合作用。实证分析表明,我国股票价格分别与广义和狭义货币需求存在某种长期均衡关系,并且互为因果,具有反馈效应。货币政策应该把股票市场纳入总量经济范围,股票市场的监管应该包括倡导理性投资,拓宽投资渠道,理顺资本市场和货币市场关系,规范社会资金流动。

Empirical Study Based on the Realationship Between Stock Price and Money Demand

Stock price offects money demand in four aspects: wealth effect, portfolia effect, trading effect and substitution effect. From the empirical study, stock price has a long - run equilibrium, interaction and feedback realationship with money demand in both of broad and naniow senses respectively. Thelefore stock market should be considered in mo-relay policy on aggregorle economy. The degulations should inclade as follows: encounry investment behavior, broadening investment channels,grapping the connection between money and stock market, and regulating fund movement.