摘要
通过对货币政策股票市场的内部传导(货币政策作用于股票市场使之趋向于货币政策的中间目标)进行理论和实证的分析得出结论央行的货币供应量变化与股价之间的相互影响在逐渐增大;股市对各次利率调整的反应是不同的,在近几年利率连续下调之后,货币政策的有效性出现了弱化现象。
With the development of our stock market, the stock market channel of monetary policy has become another important channel besides bank credit channel. With the theoretic analysis and empirical analysis about monetary policy transmission inside stock market, we can draw a conclusion that the influence between the monetary supply and stock price is growing; the reactors of stock market to the interest rates adjustment are different. After the drops of interest rates in recent years, monetary policy have weakened.
出处
《科技与管理》
2004年第5期86-88,共3页
Science-Technology and Management
