资产替代、金融市场交易和货币流通速度的稳定性

Asset Substitution,Financial Market Trading and Money Velocity Stability

文章以2001至2005年为样本区间,考察了我国公众的资产替代行为是否构成了股票市场交易影响货币流通速度稳定性的内在机制。研究表明,当股票市场交易规模扩大时,公众出于交易的需要,会将企业存款、储蓄存款和现金替代为股票交易客户保证金,并导致M1流通速度增加,这就说明公众的资产替代行为确实影响到货币流通速度的稳定性。这就意味着,人民银行在考察股票市场交易对货币流通速度稳定性的影响效应时,其切入点应集中于对资产替代行为的分析。

Using the data of sample period（2001--2005）, the paper explores whether the asset substitution behavior underlies the internal mechanism, in which stock market transaction influences money velocity stability. The results as follows： when transaction scale enlarges, the public will substitute emerprises deposits, saving deposits and cash for security of stock transaction, which results in increase of M1 veloctiy. It illuminates that asset substitution behavior indeed influences money velocity stability. And also, PBC should focus on the analyses of asset substitution behavior.