摘要
股票市场的快速发展使其正在成为影响我国货币需求和货币政策的重要因素,鉴于此,本文研究了我国股票市场发展对货币需求的影响,发现股市上涨在短期内会增加M1的需求和减少M2的需求,在长期会减少M1和M2两者的需求,股市冲击对M1需求的影响具有持续性,对M2需求的影响不具有持续性。研究建议中国人民银行应适度关注股市波动对货币需求与货币政策的冲击,尤其应预防经济陷入股市泡沫与高通货膨胀的恶性循环。
As China＇ s stock market develops, it has increasing influences on China＇ s money demand and monetary policy. This paper empirically studies the issue of how China＇ s stock market influences money demand. The conclusions are： stock market＇ s prosperity leads to increasing demand of M1 and decreasing demand of M2 in the short run; in the long run, stock market＇ s prosperity leads to decreasing demand of both M1 and M2; stock market＇ s stochastic impulse on M1 is durative, and the impulse on M2 is not durative. In the end, the paper gives suggestions on monetary policy： the central bank should pay attention to stock market＇ s shock towards money demand and monetary policy, and avoid the vicious circle of inflation rises and stock market＇ s bubble.
出处
《财经科学》
CSSCI
北大核心
2008年第3期37-44,共8页
Finance & Economics
基金
西安交通大学"985"工程二期项目(07200701)
关键词
股票市场
货币需求效应
误差修正模型
脉冲响应函数
stock market
money demand effect
error correction model
impulse response function
