Empirical Analysis of the Relationship between Monetary Policy and Stock Price in China

被引：0

作者：

Zhang, Shikun ^{[1
]}

机构：

[1] Shangqiu Normal Univ, Shangqiu 476000, Peoples R China

来源：

PROCEEDINGS OF THE 2018 INTERNATIONAL SYMPOSIUM ON SOCIAL SCIENCE AND MANAGEMENT INNOVATION (SSMI 2018) | 2018年 / 68卷

关键词：

monetary policy; market index; money supply price; fluctuation of interest rate; MARKETS REACTION;

D O I：

暂无

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

this paper USES VAR model to analyze the influence of monetary policy on stock market index from 2001 to 2014. The results show that there are significant influence channels between monetary policy and stock market index, and the central bank can influence the stock market through monetary policy (such as deposit rate, inter-bank lending rate, etc.). Specifically, the change of interest rate has a significant negative correlation with the stock market index, that is, when the interest rate rises, the stock price index will fall. But the money supply channel is not obvious. Rationalizing the relationship between monetary policy and the stock market will help the country indirectly influence economic development through the stock market wealth effect.

引用

页码：454 / 459

页数：6