摘要
股市是传导货币政策的重要渠道之一,因此,中央银行在制定货币政策时应该更多地关注股票市场,更好地借助于股市传导机制发挥货币政策的最大效应。通过协整检验分析表明,货币供应量与股票市场存在长期均衡关系,但由于实行利率管制制度,利率与股票市场不存在长期均衡的关系。
Stock market is one of the important channels of conducting monetary policy. Therefore, central banks should pay more attention to it when formulating monetary policy and better resort to the conductive mechanism of stock market for its maximum effect. Cointegration testing indicates that there is a long-term equilibrium relationship between money supply and stock market, but there is no long-term equilibrium relationship between interest rate and stock market due to interest rate control system.
出处
《贵州财经学院学报》
2005年第1期7-10,共4页
Journal of Guizhou College of Finance and Economics
