金融市场对货币调控的反应与影响研究

Impact of monetary adjustment on financial markets and market responses

2007年,随着经济金融形势的不断变化,我国货币政策紧缩程度不断加强。文章回顾了我国货币调控对货币、债券、外汇、股票这四个金融市场的影响,运用统计模型和一些量化工具描述了货币调控对各市场的影响程度;从资产负债运营和流动性管理等角度反映了本轮货币调控给各类金融机构带来的影响差别,并提出相关政策建议。

China began tightening its monetary policy in 2007 in line with conditions that kept changing for its economy and finance. This paper reviews the impact of China＇s monetary adjustment on its four financial markets, viz. money, bond, foreign exchange, and stock. By using statistical models and quantitative tools, the paper illustrates the degree of impact of the monetary adjustment on these markets, and demonstrates the difference in the influence of the adjustment on various types of financial institutions in terms of asset-liability operation and liquidity management. Policy recommendations are also offered in the paper.