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An Empirical Study of Wealth Effect in Chinese Stock Market

Author: LiSongTao
Tutor: ChenFangPing
School: Lanzhou Commercial College
Course: Finance
Keywords: stock market wealth effect co-integration analysis monetary policy
CLC: F224
Type: Master's thesis
Year: 2007
Downloads: 347
Quote: 0
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Abstract


With the rapid development of Chinese economy, Chinese capital market has also had a remarkable development. The stock market is one of the important parts in modern financial market. Generally speaking, the main function of the stock market is finance and resource distribution. However, with the enlargement of the stock market, there is still a more important function that is policy transmission. According to the change of the stock price, the monetary policy of Central Bank has an influence on the real economy. The effects include Q value effect, the wealth effect and liquidity effect,and so on. It deserve research and thinking deeply for scholar or governor today when the capital market is more and more important in social economy.This paper systemically analyzes the wealth effect theory by finance,psycology and economics,then probes into the restriction factors about wealth effects of stock market,and uses the multi-ply data structure to do the Engle-Granger Co-integration Analysis. After arguing the relation between wealth effect in stock market and monetary policy, the paper puts forward a series of political suggestions to strengthen our national wealth effect. Firstly,this paper looks back to the all theory contents about the wealth effect,then contrasts them and points out the advantages and disadvantages, for example data efficiency and positive research means,and so on.Secondly,the paper casts back the historic phase and analyses research achievements,then thinks them deeply in order to probe into the restriction factor about wealth effects of Chinese stock market,and uses the multi-ply data structure to do the Engle-Granger Co-integration Analysis before putting forward the deep-seated reasons in our national stock market.The last, from arguing the relation between wealth effect in stock market and monetary policy, the paper gives political suggestions to strengthen our national wealth effect.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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