| 中国货币政策传导到中国资本市场渠道有效性的实证分析 |
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| 引用本文： | 范方志,于赟. 中国货币政策传导到中国资本市场渠道有效性的实证分析[J]. 石家庄经济学院学报, 2006, 29(3): 357-363,390 |
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| 作者姓名： | 范方志 于赟 |
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| 作者单位： | 1. 中国社会科学院,金融研究所,北京,100732
2. 复旦大学,国际金融系,上海,200433 |
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| 摘 要： | 运用时间序列分析的芳法，研究在中国人民银行间接调控货币政策的新时期，在中国资本市场规范成长的新阶段，中国货币政策传导到中国资本市场的渠道的有效性。实证结果表明：中国货币政策能够通过利率渠道、通货膨胀率渠道和货币供应量渠道有效地传导到中国资本市场。
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| 关 键 词： | 货币政策 资本市场 传导渠道 有效性 |
| 文章编号： | 1007-6875（2006）03-0357-07 |
| 收稿时间： | 2006-01-07 |
| 修稿时间： | 2006-01-07 |
An Empirical Analysis on the Effectiveness of the Channels Transferring Chinese Monetary Policy to Chinese Capital Market |
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| FAN Fang-zhi,YU Yun. An Empirical Analysis on the Effectiveness of the Channels Transferring Chinese Monetary Policy to Chinese Capital Market[J]. Journal of Shijiazhuang University of Economics, 2006, 29(3): 357-363,390 |
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| Authors: | FAN Fang-zhi YU Yun |
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| Affiliation: | 1. China Academy of Social Science, Beijing 100732; 2. Fudan University, Shanghai 200433 |
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| Abstract: | By means of econometric modeling of financial time series,this paper makes an empirical research on the effectiveness of the transmission channels through which Chinese monetary policy makes an impact on Chinese capital market when the People's Bank of China has started to implement monetary policy through an indirect way and Chinese capital market has entered a regulatory stage of development in May 1999.As the empirical analysis demonstrates,Chinese monetary policy makes an effective impact on Chinese capital market through interest rate channel,inflation channel and money supply channel. |
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| Keywords: | monetary policy capital market transmission channel effectiveness |
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