证券市场的货币政策传导功能实证研究

Positive Research on Conduction Function of Stock Market to Monetary Policy

货币政策是货币当局对经济进行宏观调控的重要工具,政策的有效性首先取决于金融领域的传导机制。长期以来我国的货币政策一直以银行信贷为主要传导枢纽,但随着资本市场的发展,其传导功能将日益强化。本文通过实证分析,建议实施货币政策时应充分考虑资本市场对货币政策传导功能的影响。

Monetary policy is the important tool for currency authority to regulate and control the macro-economy, the policy validity primarily is decided by the conduction mechanism. Bank credit is the main conduction key position for monetary policy and its conduction function strengthens as the capital market develops. By positive analyses, this paper suggests that fully consider the influence of capital market on the monetary policy when implementing monetary policy.