| 货币政策对股票价格行为的影响实证分析 |
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| 引用本文： | 方海波,毛东庆. 货币政策对股票价格行为的影响实证分析[J]. 改革与战略, 2008, 24(4): 58-61 |
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| 作者姓名： | 方海波 毛东庆 |
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| 作者单位： | 中南财经政法大学财政税务学院,湖北,武汉,430060;中南财经政法大学财政税务学院,湖北,武汉,430060 |
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| 摘 要： | 文章以影响股票价格的理论为基础,采用现代计量技术,采用2005年1月至2007年6月的月度时间序列数据,研究了汇率、存款准备金率以及利率、货币供应量等宏观经济因素对股票价格的影响。从2005年6月以来我国A股市场股票价格的持续上涨,其主要原因是经济的高速增长、人民币升值以及充足的货币供应量;而加息与提高存款准备金率对股票价格变化的影响有限。
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| 关 键 词： | 货币政策 股票价格 向量自回归 协整分析 Granger因果关系 |
| 文章编号： | 1002-736X(2008)04-0058-03 |
The Impact of Monetary Policy on Stock Prices |
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| Fang Haibo,Mao Dongqing. The Impact of Monetary Policy on Stock Prices[J]. Reformation & Strategy, 2008, 24(4): 58-61 |
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| Authors: | Fang Haibo Mao Dongqing |
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| Affiliation: | Fang Haibo Mao Dongqing (School of Finance , Taxation,Zhongnan University of Economics , Law,Wuhan,Hubei 430060) |
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| Abstract: | Base on the theory of influence the stock price,by using modem measurement techniques and monthly time series data on the exchange rate from January 2005 to June 2007,the macroeconomic factors that affect stock prices such as deposit reserve ratio, interest rates,money supply and other are analyzed.From June 2005,China A-share market stock prices continue to rise mainly due to the rapid economic growth,appreciation of RMB and sufficient money supply;but the increasing of interest rate and the raising of dep... |
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| Keywords: | monetary policy stock price vector auto regression co-integration analysis Granger causality |
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