我国期铜市场流动性与货币供给关系的实证研究

Empirical Study on Liquidity of Cu-future Market and Money Supply in China

流动性是期货市场基本功能得以实现的重要保证,充足的流动性有利于提高期货市场的运行效率。货币是一种最重要的"流动性载体",货币供给数量的多少能够为整个社会经济提供更多的流动性或紧缩流动性。本文在提出衡量我国期货市场流动性指标的基础上,对我国期铜市场流动性和M2间的关系进行了实证研究,实证表明M2的持续增加在总体上提高了期铜市场的流动性,同时也加大了期铜市场流动性的波动。

The liquidity is an important guarantee to realize the basic function of futures market.The operation efficiency of futures market could be improved because of ample liquidity.Monetary is the most important carrier of liquidity.Money supply could provide more or deflate liquidity for social economy system.In this paper,the index of liquidity in China＇s futures market is put forward.Based on it,we make an empirical research on liquidity of Cu-future market and M2.Through the empirical analysis, it shows that continuous increase of M2 supply improves the liquidity of Cu-future market as a whole, meanwhile,it increases the volatility of liquidity.