中国货币政策通过资本市场传导到实物经济有效性的实证分析

An Empirical Analysis on the Effectiveness of the Capital Market Transmission Channel through Which Chinese Monetary Policy Makes an Impact on Chinese Economy

本文运用时间序列分析的方法 ,研究在中国人民银行间接调控货币政策的新时期 ,在中国资本市场规范成长的新阶段 ,中国货币政策通过中国资本市场传导到中国实物经济的有效性。实证分析表明 :中国货币政策能够通过中国资本市场传导到中国实物经济。

In this paper, we make an empirical research on the effectiveness of the capital market transmission channel through which Chinese monetary policy makes an impact on Chinese economy since May in 1999, when the People's Bank of China has started to implement monetary policy through an indirect way and Chinese capital market has entered a regulatory stage, by the econometric modeling of financial time series. As the empirical analysis demonstrates, Chinese monetary policy makes an effective impact on Chinese economy through the capital market transmission channel.