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Study on the Relationship between Financial Assets Price and Monetary Policy

Author: ChenZhe
Tutor: JieChuanBo
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Financial assets price conduction mechanism of monetary policy the target of monetary policy
CLC: F832.2;F822.0
Type: Master's thesis
Year: 2009
Downloads: 173
Quote: 0
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Abstract


Since the financial assets and assets trade appeared, the question of the assets price rising and dropping suddenly and sharply has been perplexing the economical operation of various countries all the time. As the position of capital market is promoted progressively in economy, the capital market caused the change of the financial structure. It is greater and greater that the assets price fluctuation threaten the stability of the economic and financial system. Therefore people pay great attention and make extensive discussion to the financial assets price and monetary policy.By discussing the financial assets price fluctuation will take what kind of influence to macroeconomic and monetary policy, the paper draws a conclusion that the financial assets is very important to macroeconomic and monetary policy; and the paper make an in-depth analysis that in the new economy environment, how monetary policy pays close attention to financial assets price fluctuation. Along this logic clue, basic frame of this paper is as follows:In the chapter one, through studying the micro-factor of the assets price fluctuation, the paper has probed into the influence channel and effect on economy as the assets price fluctuates.In the chapter two, beginning with the relationship between financial assets price and money supply and demand respectively in theory, then do some empirical analysis by our country’s stock market and get the empirical results: M2 brings the most appreciable influence on stock price, but the monetary policy has very limited influence on stock market through money supply. Simultaneously, our stock market has been a important factor to influence the money demand gradually.In the chapter three, analyzes the relationship between stock price and velocity of circulation, and draws a conclusion that velocity of circulation will Study on the Relationship Between Financial Assets Price and Monetary Policy drop with financial assets price rising.In the chapter four, expound the role of financial assets price plays in monetary policy transmitting from both theoretical and empirical aspects. However, the empirical analysis of China’s current situation comes to the conclusion that the investment and wealth effects of our country’s stock price are not very significant.In the chapter five, through the theoretical research of monetary target and the mathematics model of monetary policy, this paper puts forward that the central bank should adopt the conditional perspective monetary policy to keep a close watch on the inflation of the financial assets price fluctuation. As the capital market of our country is not perfect, the monetary policy is unsuitable to peg to the financial assets price, but it is necessary for the central bank to pay close attention to the assets price fluctuation strictly.

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CLC: > Economic > Fiscal, monetary > Currency > China's currency > Principle of policy and its elaborate
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