摘要
在证券市场领域,美国市场对中国香港市场和上海市场均有影响。在上海市场和中国香港市场之间,上海市场的变动影响着中国香港市场,但并未发现中国香港市场影响上海市场的证据。这说明,上海证券市场已经成为中国区域的主导性市场。
It is confirmed in this paper that U. S. Stock market influences both Hong Kong and bhanghai stock market. Analyzing with time series of moving correlation coefficient, we find that movements in Shanghai stock market can partly explain those in Hong Kong market. On the other hand, no evidence is found that fluctuations in Hong Kong stock market lead to movements in Shanghai market. The result proves that Shanghai stock market has grown into the dominant market in the area.
出处
《经济理论与经济管理》
CSSCI
北大核心
2009年第4期56-61,共6页
Economic Theory and Business Management
关键词
证券市场
互动
移动相关系数序列
stock market
co-movement
moving correlation coefficient
