股票市场开放条件下的货币政策效应分析

本文探讨了在股票市场开放条件下,股票市场的国际资本流动对货币政策的影响。在开放经济条件下,对在东道国投资的国际投资者来说,如果股票投资比债券投资更重要,那么货币政策比财政政策相对有效的观点难以成立。扩张性货币政策使国内利率下降,但利率下降会增加股票投资的预期收益,这会吸引国际资本流入,从而导致本币升值,因而扩张性货币政策对产出的净影响是不确定的。浮动汇率体制有利于减缓外部冲击。

The Effect Analysis of Monetary Policy under Open Stock Market

This paper explores the effect of international capital mobility on monetary policy under open stock market. For a open economy in which stock i nvestment is more crucial than debt investment, the relative effectiveness of mo netary policy over fiscal policy does not hold. The expansionary monetary policy decreases domestic interest rates but increases the expected rate of return on stock investment. The subsequent capital inflows appreciate the domestic currenc y, thus the net effect of the expansionary monetary on output is indeterminate. The flexible exchange rate regime is to be more effective in stabilizing the eco nomy to cope with negative external shocks