中国股票市场对货币需求总量的影响——基于协整方法的分析

An Analysis of the Effect of Chinese Stock Market on Money Demand Aggregate——on the Basis of Co-integration Test Method

本文采用Johansen协整方法检验了一个包含股票市场交易额变量的标准货币需求函数和货币流动性函数。实证结果表明我国股票市场的发展与扩张减少了对狭义货币与广义货币的需求,本文采用理论分析和实证研究相结合的方法,有针对性地提出了一些看法。

This paper uses Johansen co：integration method empirical method to test the effect of Chinese stock market on money demand aggregate. The result reveals the turnover of Chinese stock market has negative effect on the demand of M 1 and M2. This paper uses the method of combining theoretical analysis with practical study to express some clear views about it.