Comparative Study on the Monetary Policys Regulation and Control Effect on the Stock Market in China before and after Non-tradable Shares Reform

摘要：

This paper uses Co-integration Theory and Error Correction Model to study the monetary policys regulation and control effect on the stock market in China. Relative data is divided into two periods, before non-tradable shares reform (January, 2002~December, 2005) and after non-tradable shares reform (January, 2006～December, 2009). The results show that: the monetary policy much influences Chinas stock market before non-tradable shares reform; The regulation and control effect of monetary policy has been regulated so much more obviously on the stock market from non-equilibrium states to long-term equilibrium states after non-tradable shares reform. The stock market has been affected by the monetary policies for a shorter time after non-tradable shares reform.

关键词： non-tradable shares reform monetary policy regulation and control effect co-integration analysis error correction model

作者: HE Yiqing SHI Ke

作者单位: Center for Central China Economic Development Research at Nanchang University,P.R.China, 330047 Syst Systems Engineering Research Institute of Nanchang University, P.R.China, 330031

会议类型: 国际会议

会议名称: The 3rd International Institute of Statistics & Management Engineering Symposium(2010 国际统计与管理工程研讨会 IISMES)

会议地点: 威海

会议语种:英文

页码: 966-970

在线出版日期: 2010-07-24（万方平台首次上网日期，不代表论文的发表时间）