我国货币供给与股价指数的Granger因果关系检验

Relationship between China's Money Supply And Stock Index Based On The Granger Causality Test

根据Granger的因果检验理论,以我国的股票市场为研究对象,实证分析货币供给与股价之间的因果关系。研究发现总体上货币供给与股价之间并无明显的因果关系存在,我国的股票市场对于货币供给变动的信息并不是有效的。

The aim of this paper was to reveal the relationship between the money supply and stock price.According to the Granger causality test theory,an empirical research was conducted depending on the data form Chinese stock market.The result showed that there was no clear causal relationship between the money supply and stock prices,which means that the stock market information could not predict the money supply changes effectively.