摘要
股票价格对货币总需求的影响主要体现为资产替代效应、交易需求效应、资产组合效应和收入效应四个方面。把超出经济增长率和通货膨胀因素的货币需求定义为超额货币需求量,并把股票价格因素纳入到超额货币需求函数中,实证分析结果表明,股票价格对超额货币需求有正向影响但影响较小。不过,随着以后我国股市规模的扩容和金融改革的深入,股票市场对货币需求的影响将越来越大,其对超额货币需求的影响作用也会越来越大。
The effects of stock price on aggregate monetary demand mainly include the asset substitution effect, transaction demand effect, portfolio effect and income effect. The monetary demand beyond economic growth rate and inflation is defined as the excessive money demand. By adding the stock price factor into the excessive money demand function, the empirical resuh indicates steck price has a small pesitive effect on the exeessive money demand. However, with the subsequent expansion of China＇s stock market and the deepening of the financial reform, the effect of stock market on the monetary demand will be more and greater, and its effect on excess demand also will be growing.
出处
《安康学院学报》
2012年第3期48-51,共4页
Journal of Ankang University
基金
湖南省教育厅科学研究项目(09C1120)
关键词
股票价格
货币需求
超额货币
实证分析
stock price
monetary demand
excessive money
empirical analysis
