摘要
本文首先理论上分析了货币市场和资本市场在金融自由化和分业条件下的联结机制,接着阐达我国分业条件下两个市场或明、或暗的连接现状,最后用误差修正方法实证分析我国分业经营下资本市场与货币市场之间的联结行为,指出:两个市场无论明的、暗的联结渠道都是通畅的,但同业拆借利率作为货币市场价格传导信号存在扭曲情况,居民和企业投资连接两个市场可能蕴含一定风险。文章最后提出了相关政策建议。
The paper first theoretically analyses the linkage mechanism of monetary market and capital market in finance freedom and separate management. Then we analyse the fact that the linkage is open or secret in fact in China. At last, the paper demonstrates the two markets with ECM method and comes to a conclusion： the open or secret linkage of the two markets is smooth, but interest rate is distorted as a price signal in monetary market. There may be a risk two if markets are linked by investment of residents and enterprises. The paper also puts forward some related suggestions.
关键词
分业经营
货币市场
资本市场
联结机制
separate management
monetary market
capital market
linkage mechanism
