货币供应量目标有效性研究——基于资本市场视角的分析  

Research on Money Supply Target Effectiveness——Basing on Capital Market Prospective

作　　者：薛锋[1] 宋方舟[1] 王建明[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]河南商业高等专科学校,河南郑州450000

出　　处：《征信》2011年第6期78-82,共5页Credit Reference

摘　　要：股票价格变动和货币层次转换是统一的。以此为基础对不同层次货币供应量和上证综指建立的VAR模型表明,货币供应量作为货币政策目标能够充分反映股票市场价格变动;长期内,不同层次货币供应构成项目的增速差能够反映资金流向,从而货币政策对股票市场的影响过程可以由不同层次的货币供应量进行表征。考虑股票市场的影响,将货币供应量作为我国货币政策的操作目标是适当的。Stock price changes are consistent with money supply level conversion. Hence, the VAR moues, which is built up according to different money supply levels and SSE Composite Index, suggests that money supply as a monetary policy target can fully reflect price changes in the stock market, and that in the long term, different levels of money supply growth difference can reflect the cash flow. Thus, the effect of monetary policy on stock market can be characterized by money supply at various levels. It＇s appropriate to use money supply as an operational target for monetary policy in consideration of the influence of stock market.

关 键 词：股市 货币供应量 货币政策目标 互动关系 VAR模型 

分 类 号：D035.5[政治法律—政治学]