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Monetary policy and the stock market in China: Short term and long term impacts on the development of Chinese stock markets.

机译：中国的货币政策和股市：对中国股市发展的短期和长期影响。

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摘要

The main focus of this paper is on how monetary policy interacts with Chinese stock markets. There are both long run equilibria and short run dynamics found among the interest rate, the short term loan quantity, stock market depth, monthly trading volume and monthly historical total shares issued in the Shanghai stock market and the Shenzhen stock market by VECM model. However, given the intrinsic difference between these two stock markets, the reactions to monetary policy are not entirely the same. Based upon these findings, this paper will provide some policy implications in later sections.

机译：本文的主要重点是货币政策如何与中国股票市场互动。 VECM模型在利率，短期贷款数量，股票市场深度，月交易量和月历史总股本之间发现了长期均衡和短期动态。但是，鉴于这两个股票市场之间的内在差异，对货币政策的反应并不完全相同。基于这些发现，本文将在后面的部分中提供一些政策含义。

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作者
Lu, Shuoyi.;
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作者单位

University of Delaware.;

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授予单位 University of Delaware.;
学科 Economics.;Asian studies.;Finance.
学位 Ph.D.
年度 2015
页码 176 p.
总页数 176
原文格式 PDF
正文语种 eng
中图分类
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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。

Monetary policy and the stock market in China: Short term and long term impacts on the development of Chinese stock markets.

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