中国股票市场发展与货币政策完善

The Development of Stock Market and the Perfection of Monetary Policy in China

文章从理论上论证了随着资本市场的发展和金融创新 ,货币与其它金融资产的界限日益模糊 ,货币供应量与实际经济变量失去了稳定的联系 ,货币数量不再简单地与物价和收入呈比例关系 ,而是与经济体系中所有需货币媒介的交易 (包括金融市场交易 )有重要相关性。文章在理论分析之后 ,就中国股票市场的发展对货币政策的影响进行了定量和实证分析 ,最后作者认为 ,中国股票市场已成为货币政策传导的另一组成部分 ,特别是在我国即将全面对外开放时 ,中国人民银行为维护人民币币值稳定 ,必须及早地对股票市场和货币政策的关系进行研究 ,做好预案准备。

The paper theoretically proves that along with the capital market development and financial innovation, there no longer has stable relationship between money supply and real economic variant, and aggregate money supply has been out of proportion to the price and income, but has close correlation with the transactions (including the transactions in financial market) through the medium of money in the economy. Consequently, based on the quantitative analysis and empirical study on the development of stock market and its effects on the monetary policy, the paper argued that there has a very close relationship between stock market transaction and money supply. Finally the paper points out that China's stock market has become a composing part of monetary transmission mechanism. Therefore, the central bank should conduct the pre-study on the relationship between monetary policy and stock market as soon as possible in order to keep the Renminbi stables.