The nexus between stock market value and demand for money in China

被引：0

作者：

Chong, Terence Tai-Leung ^{[1
]}

Zhang, Xiaobing ^{[2
]}

机构：

[1] Chinese Univ Hong Kong, Dept Econ, Hong Kong, Hong Kong, Peoples R China

[2] Duke Univ, Dept Econ, Durham, NC 27706 USA

来源：

CHINA ECONOMIC JOURNAL | 2009年 / 2卷 / 02期

关键词：

money demand; stock market capitalization; cointegration test; error correction model;

D O I：

10.1080/17538960903083517

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the influence of the stock market development on money demand in China during the period 1994Q1-2007Q2. A long-run cointegration relationship is found between the real money demand, stock market capitalization, real GDP, real interest rate and the CPI. Specifically, we show that the development of the stock market has a positive impact on money demand in the long run. In the short run, however, a boom in the stock market will lower money demand. Our work can be considered as a complement to Baharumshah, Mohd, and Yol (2009).

引用

页码：203 / 207

页数：5

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