股票价格对货币供应量的吸收作用

Discussion on the Absorption Effect of Stock Price on Money Supply

在过去几年里,我国的经济弹性和抗冲击能力出现了较大增强,金融市场自身对实时数据的敏感性也在不断增强,它与实体经济之间的联系在日趋复杂。2007年到2009年间中国股市经历了从高潮到低谷再到反弹的过程,而期间扮演重要角色的就是流动性。以货币供应量作为流动性的代表,研究了中国股票价格对货币供应量的吸收效应。

In the past few years,the economic resiliency and impact resistance of China have been strengthened greatly;the sensitivity of financial market itself to real time data has been strengthened,too.And the connection between the sensitivity of financial market and the real economy is getting complicated.In the period of 2007-2009,China＇s stock market has experienced the process from high tide to low ebb to rebound,during this period the liquidity played an important role.Taking the money supply as the representative of the liquidity,this paper researches the absorption effect of stock price on money supply.