中国股票价格对货币需求影响实证研究.pdfVIP

Abstract Currently, with the flourish of China’s stock market, the willingness among citizens and firms to invest grows, which resulted in considerably high values of stocks and large amounts of the volumes of stock exchanges. Therefore, the demand in more money arose accordingly. In the mean time, however, the central bank has not taken account of the possible impacts of the stock market ，especially the impact of the stock price on the demand in money when framing the plan of currency supply. In this sense, it becomes advisable to conduct an empirical analysis of the relations between the demand in money and the stock price so as to provide constructive references and supports for the making of monetary policies. Based on a thorough survey on the researches concerned, this dissertation endeavors to come up with a generalization of the mechanism via which the stock price influences the demand in money. Namely, including the direct demand in money, the stock market exerts influences on the money demand by the combined roles of effects of wealth, exchange, asset integration and substitution. Considering the reality of China, this dissertation finds that this mechanism is well applicable to illustrate the effects of the stock price on the demand of currency. In view of the continuous growth of China’s stock market, new challenges to the China’s monetary policies are being posed which requires the authorities not only to satisfy the need of money by the economic entities but as well to gear to the demand in money of stock market. In this way, favorable monetary policies are expected to be made and China’s economy is anticipated to be vigorously propelled. In order to put forward an objective evaluation of the impacts exert