货币政策与股票价格间关系的全息经济学解释和启示

Explain and Indications in Holographic Economics on Relation Between Monetary Policy and Stock Price

文章阐述了前人在货币政策对股票价格影响研究方面的实证分析结果,现有对货币政策与股票价格间相互关系的经验检验存在着差异化的结果。不同的实证分析得出了两者之间关系是正相关、逆相关和不确定的结果。全息经济学认为,股票市场上的资源配置方式是信息配置,而非货币配置,从一个全新的角度为这种差异化结果提供了协调性解释。由全息经济学对货币政策和股票价格间关系的解释,可得到对我国资本市场建设与发展的启示:股市繁荣的关键是投资者的信心,信息制度建设是资本市场发展的核心问题。

This paper gives a comprehensive review of the literature on the interaction between stock prices and monetary policy. There are many different empirical researching conclusions. It seems clear from a number empirical studies that monetary policy exert a positive influence on stock prices, but some have found negative evi dences. Holographic economics raised a new explanation that resources in stock market are relocated depending on information. Indications are driven as follow. The key of stock boom is the belief of investor. The core problem of capital market development is the developing in information system.