股票市场对货币需求影响的不对称性:来自中国的实证证据被引量：6

The Asymmetry of the Impact of the Stock Market on Money Demand

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摘要随着中国股票市场的发展,其与货币需求间的关系日益受到学者们的关注。从理论上说,股票市场影响货币需求存在两种途径:一是资产交易途径,二是资产选择途径。对这两种途径进行分析可以发现,资产选择途径是研究这一问题更为合理的视角。在该途径下,财富效应、替代效应以及资产组合效应分别在不同的市场背景中,会对不同层次的货币需求形成不同方向、不同强度的影响,这使得股票市场对货币需求的影响表现出不对称性:一方面,在不同的市场周期中,股价波动对货币需求产生不同方向的影响;另一方面,股票市场对不同层次的货币需求产生不同强度的影响。这表明,在中国以货币量为中介目标的货币政策框架下,人民银行要重视股票市场对货币需求的影响。具体来说,不仅要关注短期的股价波动,也要关注长期的市场趋势;不仅要关注股市与总量货币需求间的关系,也要关注其对货币需求结构的影响。 The relationship between stock market and money demand is getting more and more attention from scholars in recent years. Theoretically, there are two mechanisms in which stock market influences money demand, asset trading and asset selection. Based on a comprehensive analysis, asset selection is a more effective mechanism to affect money demand than asset trading. Under asset selection mechanism, wealth effect, substitution effect and asset portfolio effect respectively impacts money demand. This leads to the phenomenon that stock market has an asymmetric impact on money demand. On one hand, fluctuation of stock price influences money demand in different directions under different market periods; on the other hand, stock market influences different levels of money demand in different ways. This shows that when issuing money policies, PBC should pay much attention to the influence of stock market on money demand. Specifically, PBC should pay attention to not only fluctuation of stock price in short term, but also long-term market trend. Also, it should pay attention to the relationship between stock market and aggregate money demand as well as the influence of stock market on money demand structure.

作者王宇伟

机构地区南京大学商学院

出处《学术月刊》 CSSCI 北大核心 2009年第7期78-86,共9页 Academic Monthly

关键词股票市场货币需求资产选择途径资产交易途径 stock market, money demand, asset selection mechanism, asset trading mechanism

分类号 F830.91 [经济管理—金融学]

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