摘要
随着我国股票市场发展 ,股票市场对货币需求的影响日渐加剧。本文以狭义货币需求M1为研究对象 ,通过实证研究表明 :当期股票市场收益率与当期证券交易保证金呈正相关关系 ,对当期M1具有反向影响 ;本期股票交易量以及本期流通市值与下期M1呈正相关关系 ,对下期M1具有正向影响 ,并分析了其中的相互关系。最后从实证研究的结果得出货币需求函数稳定性的政策意义下降的结论 ,并分析了原因。
With the development of our stock market,the influence of stock market in demand for money is strengthening.This paper takes the demand of M 1 as the research object,and finds that the stock earning ratio is positive relevant to the earnest money of securities trading,thus having reverse influence on M 1 in the same period,the stock trading volume and the circulate market value in this period are positive relevant to M 1 in next period,thus having psitive influence on M 1 in next period.The paper has also analysed the interactions between them.Finally,the author got the conclusion that the importance of 'the stability of the function of the demand for money'is declining,and analysed the reasons.
出处
《上海财经大学学报》
2002年第3期3-10,25,共9页
Journal of Shanghai University of Finance and Economics
