我国股票市场与货币政策关系的实证研究——基于VAR模型的分析

运用向量自回归(VAR)分析方法对我国股票市场股价指数与货币政策之间的关系进行了实证分析。研究发现股价指数对市场利率及货币供应量M0、M1有着较为显著的影响,而我国的货币政策对股价指数的影响则十分有限。目前我国还不具备运用货币政策来调整股价的能力,但可以培育运用货币政策影响股价的能力,并密切关注股票市场波动。

An empirical research on stock market and monetary policy in China:the analysis based on VAR model

The empirical analysis has been done on the relationship between the Chinese stock market index and the monetary policy using the vector auto-regressive(VAR) analysis method.Research has found that stock price index has a significant impact on interest rates and money supply M0 and M1,however,the effect of monetary policy on stock index is very limited.China still doesn't have the ability to adjust stock price index by using monetary policy at present,but we can cultivate the ability of influencing the stoc...