股票市场对货币需求的影响——来自中国的实证检验  

Effect of Chinese Stock Market on Money Demand--Come from Chinese empirical tests

作　　者：易行健[1] 杨碧云[2] 易君健[2] 

机构地区：[1]湘潭大学商学院,湖南湘潭4111105 [2]浙江大学经济学院,浙江杭州310013

出　　处：《上海财经大学学报》2004年第1期46-53,共8页Journal of Shanghai University of Finance and Economics

基　　金：湖南省2003年度社科基金"转型时期中国的货币需求与货币需求函数估计"

摘　　要：本文从实证研究的角度出发,检验了我国股票市场发展对货币需求的影响,并对包含股票市场成交额的季度货币需求函数进行了估计,结果表明我国股票市场成交额减少了各个层次的货币需求。因此中央银行在进行货币供给规划和货币政策操作时必须考虑到股票市场对货币需求的影响,使货币供给与货币需求相适应。如果忽视股票市场对货币需求的影响而实施货币供应调控,将会导致货币供给大于货币需求,从而使得币值稳定和经济增长目标难以实现。Starting from the empirical research perspective, the paper tests the effect of Chinese stock market on money demand and estimates the quarterly money demand function including the variable of turnover of stock market trading. The result reveals the turnover of Chinese stock market has negative effect on the demand of money demand at all levels. Therefore the central bank must consider the effect of stock market on money demand when projecting money supply and implementing monetary policy in order to accommodate money supply to money demand. If the effect of stock market on money demand is ignored when adjusting money supply, money supply will be more than money demand, thus making it difficult to realize the target of stable currency and economic growth.

关 键 词：股票市场 货币需求 中国 股票交易额 货币政策 经济增长 

分 类 号：F830.91[经济管理—金融学]