流动性冲击与资产价格波动实证研究被引量：2

The Research of Liquidity Impact and Asset Pricing Volatility:Practice and Revelation

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摘要改革开放以来的经济发展实践表明,我国存在显著的流动性冲击引致资产价格波动、资产价格波动强化流动性冲击的现象,基于1995年以来数据的实证研究同样也发现了流动性冲击与资产价格波动相互影响的证据。当前我国面临较大的潜在内外部流动性冲击风险,因此,对外应合理推进人民币汇率制度改革,对内应逐步实现股市监管平稳化,摆脱一味追求经济增速的货币政策粗放型模式,兼顾房地产价格现状,严格抑制政策节奏和力度。 It has shown that China has a significant phenomenon that liquidity impact causes asset pricing volatility, and asset pricing volatility also strengthens liquidity impact through China＇s reform and opening policy economic development practice. The empirical study shows the evidence of the interrelationship between liquidity impact and asset pricing on the basis of data since 1995. China currently has a great potential internal and external liquidity impact risk. As a result, we recommend that China can properly propel RMB exchange rate system reform and progressively realize stability of stock market supervision. We should dispense the extensive monetary policy model, consider real estate price condition and strictly restrain policy rhythm and intensity.

作者汪献华

机构地区上海社会科学院

出处《证券市场导报》 CSSCI 北大核心 2013年第7期56-60,共5页 Securities Market Herald

关键词流动性流动性冲击流动性冲击风险管理资产价格波动 liquidity, liquidity impact, risk management of liquidity impact, asset pricing volatility

分类号 F820 [经济管理—财政学]

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参考文献7

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