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
收藏
页码：203 / 207
页数：5
相关论文
共 50 条
  • [1] Analyses of the hot money on the stock market of China
    Ma, Caihua
    Zhang, Jingui
    Fang, Guicun
    [J]. Huadong Chuanbo Gongye Xueyuan Xuebao/Journal of East China Shipbuilding Institute, 1999, 13 (03): : 53 - 57
  • [2] Nonlinear relationship between money market rate and stock market liquidity in China: A multifractal analysis
    Sun, Yihong
    Yuan, Xuemei
    [J]. PLOS ONE, 2021, 16 (04):
  • [3] Study on the Relationship between Money Supply and Monetary Structure and Stock Market in China
    Zhang Jian-bo
    Sunxiu
    [J]. 2011 INTERNATIONAL CONFERENCE ON APPLIED SOCIAL SCIENCE (ICASS 2011), VOL III, 2011, : 159 - 164
  • [4] MARKET DEMAND CURVE FOR COMMON STOCK AND MAXIMIZATION OF MARKET VALUE
    WHITMORE, GA
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1970, 5 (01) : 105 - 114
  • [5] Stock Market Fluctuations and Money Demand in Italy, 1913-2003
    Caruso, Massimo
    [J]. ECONOMIC NOTES, 2006, 35 (01) : 1 - 47
  • [6] Stock market downswing and the stability of European monetary union money demand
    Carstensen, Kai
    [J]. JOURNAL OF BUSINESS & ECONOMIC STATISTICS, 2006, 24 (04) : 395 - 402
  • [7] The real value of China's stock market
    Carpenter, Jennifer N.
    Lu, Fangzhou
    Whitelaw, Robert F.
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2021, 139 (03) : 679 - 696
  • [8] Empirical Causal Relations of Money Supply and Stock Market in China
    Yao Feng
    Li Juanwei
    [J]. PROCEEDINGS OF THE 10TH (2018) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT (FRCFM), 2018, : 160 - 165
  • [9] The return and volatility nexus among stock market and macroeconomic fundamentals for China
    Abbas, Ghulam
    Bashir, Usman
    Wang, Shouyang
    Zebende, Gilney Figueira
    Ishfaq, Muhammad
    [J]. PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, 2019, 526
  • [10] THE STOCK EXCHANGE AND THE MONEY MARKET
    White, Horace
    [J]. ANNALS OF THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE, 1910, 36 (03): : 85 - 95
12345