The effect of monetary policy on raising funds in the stock market: Empirical analysis based on VAR model

机译：货币政策对股票市场资金筹集的影响：基于var模型的实证分析

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Monetary policy has an important influence on raising money in the stock market. Based on the monthly data of narrow money supply M1, broad money supply M2, inter-bank offered rate and the amount of funds raised in Shanghai and Shenzhen stock markets from January 2010 to December 2019, this paper establishes a vector autoregression (VAR) model to empirically analyze the impact of monetary policy on the funds raised in the stock market. The empirical results show that money supply M1 and M2 as well as inter-bank offered rate have a certain impact on the capital raised in the stock market. The amount of funds raised in the stock market changes in the same direction with M1, and changes in the opposite direction with M2 and interbank offered rate. M1 has a more obvious influence on the amount of funds raised in the stock market, while the influence of interbank offered rate lasts longer.

机译：货币政策对股票市场提高资金的重要影响。根据狭窄货币供应M1的月度数据，2010年1月至2019年1月至12月，上海和深圳股市筹集的银行银行供应M2，银行间提供的利率和资金金额。这篇论文建立了一种传染媒介归一点（var）模型明确分析货币政策对股市中提出的资金的影响。经验结果表明，货币供应M1和M2以及银行间提供的率对股票市场提出的资本有一定影响。股票市场中提出的资金的数量与M1相同的方向，以及与M2和银行间提供的相反方向的变化。 M1对股票市场中提出的资金的数量具有更明显的影响，而银行间提供的利率的影响持续更长时间。

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《Dahe Fortune China Forum and Chinese High-educational Management Annual Academic Conference》|2020年|284-288|共5页
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Zheng Ruibo;
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Reactive power; Analytical models; Data models; Stock markets;

机译：无功功率;分析模型;数据模型;股票市场;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The effect of monetary policy on raising funds in the stock market: Empirical analysis based on VAR model

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