摘要
本文采用短期约束的结构式向量自回归(SVAR)模型,研究了开放经济条件下货币政策对我国股票价格的影响。研究结果表明:①无论在短期还是长期内,人民币汇率变动对我国股票价格有显著的影响;②货币政策对股票价格的影响短期和长期内在统计上都是不显著的。这种结果对投资者和央行而言具有重要的意义。
Using Structural VAR model with short-run restrictions,this paper emperically examine whether changes of monetary policy have effect on the stock prices of China in an open economy.We find that regardless of short term or long term,the exchange rate of RMB has significant effect on the stock prices.While the monetary policy doesn＇t have any significant impact on the the stock prices.These result are meaningful both for the investors and for CPB.
出处
《特区经济》
2013年第6期55-58,共4页
Special Zone Economy
