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从理论上讲,股票市场通过财富效应、资产组合效应、交易效应和替代效应等途径影响货币需求。本文构建了一个包括股票市场变量的货币需求函数,并运用1994～2007年的季度数据和协整分析方法对中国股票市场的货币需求效应进行了检验,检验结果表明股票市场已经成为影响我国货币需求的一个重要因素。在股票市场不断深化和广化的背景下,中央银行应关注资产价格的波动,货币政策的制定应考虑股票市场发展对货币需求的影响。
In theory, the stock market affects the demand for money through the wealth effect, the portfolio effect, the transaction effect and the substitution effect. This paper constructs a money demand function including stock market variables and tests the demand effect of money in China’s stock market by using the quarterly data and cointegration analysis methods from 1994 to 2007. The test results show that the stock market has become the currency that affects China’s monetary demand An important factor. In the context of the deepening and extensive stock market, the central bank should pay attention to the fluctuation of asset prices. The formulation of monetary policy should consider the impact of the development of the stock market on the demand for money.