| 资本市场发展影响货币需求的实证研究 |
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| 引用本文： | 许荣,吴卫星. 资本市场发展影响货币需求的实证研究[J]. 经济理论与经济管理, 2008, 0(9): 53-58 |
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| 作者姓名： | 许荣 吴卫星 |
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| 作者单位： | 1. 中国人民大学财政金融学院 北京 100872;2. 对外经济贸易大学金融学院 北京 100029 |
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| 基金项目： | 霍英东教育基金高等院校青年教师基金 |
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| 摘 要： | 从理论上分析,资本市场发展对货币需求存在正向影响的财富效应和负向影响的替代效应,但对中国的资本市场发展及货币需求数据进行实证分析发现,资本市场发展提高了经济体的货币需求;股票成交金额的变动有助于我们对于狭义货币供应量的预测,不过在统计上无助于我们对于广义货币供应量的预测。考虑到资本市场发展因素,货币政策从紧的力度应该比单纯考虑实体经济货币需求的从紧力度略松。
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| 关 键 词： | 货币需求 协整 资本市场 |
| 收稿时间： | 2008-06-26 |
EMPIRICAL RESEARCH ON HOW CAPITAL MARKET DEVELOPMENT AFFECTS MONETARY DEMAND |
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| XU Ron,WU Wei-xing. EMPIRICAL RESEARCH ON HOW CAPITAL MARKET DEVELOPMENT AFFECTS MONETARY DEMAND[J]. Economic Theory and Business Management, 2008, 0(9): 53-58 |
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| Authors: | XU Ron WU Wei-xing |
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| Affiliation: | 1. School of Finance, Renmin University of China, Beijing 100872;2. School of Finance, University of Internatonal Business and Economics, Beijing 100029, China |
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| Abstract: | Theoretically,capital market development has both positive wealth effect and negative substitute effect on monetary demand.From the empirical analysis of Chinese capital market development and money demand demanding data,we found that the development of capital market had improved the monetary demand,at the same time,the change of stock market trading volume could help to forecast the monetary supply in narrow sense,but no contribution to that in wide sense.Considering the development of capital market,the tightening strength of monetary policy should be less than that when only considering real economic monetary demand. |
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| Keywords: | monetary demand coordination capital market |
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