| 基于VAR的货币供应量对我国上证指数的影响力分析 |
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| 引用本文： | 郑兰祥,司维.基于VAR的货币供应量对我国上证指数的影响力分析[J].湖南经济管理干部学院学报,2011(5):85-86,94. |
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| 作者姓名： | 郑兰祥 司维 |
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| 作者单位： | 安徽大学经济学院,安徽合肥230039 |
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| 基金项目： | 安徽省社科规划项目“安徽省合肥市科技农村商业银行绩效评估体系构建”（编号：AHSK09-10D28） |
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| 摘 要： | 货币政策会通过货币供应量的变动发挥其政策效果,并借助一定的传导机制,影响一国经济的各个层面,其供应量的变动对资产价格的变动也会造成一定的影响。应用VAR模型,选择一定的变量以及对数据进行整理,对货币供应量对我国上证指数的影响力进行实证分析,发现货币供应一般通过进入经济实体和股市两种途径影响股票市场,M1的增减方向与股市涨跌方向基本同步,M2对上证指数波动的贡献率最大。
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| 关 键 词： | VAR 货币供应量 上证指数 |
Analysis of the Influence of Money Supply Based upon VAR on Shanghai Index |
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| ZHENG Lan-xiang,SI Wei.Analysis of the Influence of Money Supply Based upon VAR on Shanghai Index[J].Journal of Hunan Economic Management College,2011(5):85-86,94. |
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| Authors: | ZHENG Lan-xiang SI Wei |
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| Institution: | (Economics School,Anhui University,Hefei230039,Anhui,China) |
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| Abstract: | The monetary policy plays its effect through changes in money supply policy,and with some of the transmission mechanism,affects a country＇s economy at all levels,and changes in supply of the asset price changes will be affected.With VAR model application,selecting some variables and collating the data on money supply,the Shanghai Composite Index on China＇s influence on the empirical analysis,found that money supply and general economic entity by entering the stock market affect the stock market in two ways： M1 changes with direction by the direction of the basic synchronization and the stock market,M2 card index of the maximum contribution rate volatility. |
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| Keywords: | VAR money supply Shanghai Stock Index |
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