我国股票市场对货币需求影响的实证分析

本文运用协整分析、向量误差修正模型、脉冲响应函数和方差分解等计量方法对我国股票市场对货币需求的影响进行了实证分析,发现股票市场对M1有比较显著的正向影响,股票市场对货币需求的交易效应比较明显,央行在制定货币政策时应关注股价。

Demonstrative analysis of China sock market's influence on currency requirement

This article empirically studies the impact of the stock market over monetary demand, with the models of cointegration, VECM, Impulse Response Function, Variance Decomposition Technique and other time-series analysis methods. The conclusions show that the stock market has remarkable forward influence to M1, and the transaction effect of the stock market to the monetary demand is obvious, Central Bank should pay attention to the stock price when making monetary policy .