Empirical Analysis of Interactive Relationship of China Stock Market and Monetary Policy during the Period of Economic Downturn
On the basis of money demand theory in modern times, it is quite meaningful to apply the log-linear model to estimate the relationship between stock market and monetary policy in our country. The tendency of stock prices and money supply in our country has a significant positive correlation. The tendency of stock prices only has weak influence on money demand, and will have a further tendency of enhancing along with continuous perfection and development of stock market. The interactive relationship has a tendency of further enhancement. It indicates that monetary authority should pay close attention to the operation and development of stock market rather than only maintain the neutrality of monetary policy to stock market during formulating the monetary policy.
stock market monetary policy money supply money demand
LI Kaichuan ZHU Caijie
Arts and Humanities School, Shandong University of Finance, Jinan, P.R.China, 250014 Accounting School, Shandong University of Finance, Jinan, P.R.China, 250014
国际会议
威海
英文
602-606
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）