全球流动性扩张及其对资本市场的影响

Global Liquidity Expansion and Its Effects on the Capital Market

全球流动性扩张问题是当前国际宏观经济与金融领域的热点问题。本文选取33个国家或地区从1980年第1季度到2009年第4季度相关经济变量,测量了全球流动性指数,并且在测量结果基础上实证研究了全球流动性扩张对资本市场的影响。最后,结合本文研究结果对宏观经济与金融政策制订提供了几点启示。

Recently global liquidity expansion has become a hot topic in the field of international ics and finance. This paper selects the data of 33 countries or regions ranging from the first quarter of 1980 to the fourth quarter of 2009, and gauges the global liquidity index, and then gives an empirical analysis on the effect of the global liquidity expansion on the capital markeL Finally, based on the empirical research some implications are given to the policy.