摘要
运用协整、弱外生性和因果关系检验对我国股票市场与货币需求的关系进行的实证研究发现,股市不影响M2的总量但影响其结构;M1对股市不产生直接影响,而M2对股市的直接影响处于有与无的临界状态;M1、M2均通过GDP对股市产生间接影响,但没有形成利率传导机制,我国股市是关于协整向量的弱外生变量。基于以上结论提出了相应的政策建议。
This paper empirically studies the relationship between the stock market and the money demand in China, with the help of cointegration, weakly exogenous and causality analysises. The resuits show that the stock market influences the structure of M2 but not its gross; M1 has no direct effect on stock market, while M2 ＇s effect to sotck market is on the critical state; M1 and M2 indirectly effect the stock market through GDP but no transmition mechanism is formed stock market is a weakly exogenous variable in the cointegration vector. Based on the above conclusions, this thesis puts forward some corresponding policy recommendations.
出处
《财经理论与实践》
CSSCI
北大核心
2006年第1期41-46,共6页
The Theory and Practice of Finance and Economics
基金
湖南省社科基金资助项目(05ZC55)
关键词
股票市场
货币需求
协整
弱外生
Stock Market
Money Demand
Cointegration
Weakly Exogenous
