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The Influence of Monetary Policy on Stock Market in China

Author: CaoShuYan
Tutor: FanXueJun
School: East China Normal University
Course: Finance
Keywords: Monetary policy Stock market Policy intervention Validity
CLC: F822.0;F224
Type: Master's thesis
Year: 2011
Downloads: 229
Quote: 0
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Abstract


With the globalization of financial market, financial innovation and information technology development, Chinese stock market is engaged in great-leap-forward development. The Stock market is becoming deeper and broader. That’s not only improving the efficiency of the financial system, but also having a profound impact on the financial environment of monetary formulation and policy implementation. Researches on the relationship between monetary policy and capital market have attracted attention of real sectors and academics.The frequent volatility of stock price has become a focus of monetary authorities when the total market value is increasing and direct financing for the real economy is more and more important in the development process of Chinese stock market. But facing the "invisible hand" of market, whether the government should intervene, or not? Whether monetary policy has long-term or short-term effects on the stock market? If it does, then how? If policy intervention is effective, then we should select which regulatory tools or manners to intervene more effectively?This paper will begin to study and analyze with the problems above. Chapter two, firstly, give a brief introduction of monetary policy’s objectives and Chinese stock market situation. Secondly, theoretically summarizes domestic and overseas scholars’ arguments about the influence of monetary policy on stock market. And what kind of the influence will be. Chapter three and four both are empirical researches on the effects of monetary policy on stock market. These empirical researches are based on the last 10 years of empirical data. The third chapter briefly researches the long-term impacts from continuous monetary variables on the stock market by using quantitative finance methods. The fourth chapter researches the short-term impacts from discrete events on the stock market through event study. At last, the fifth chapter will give conclusions and make relevant policy recommendations.This paper is focused on the mechanism and effect of monetary policy to the stock market. This paper also analyzed the feasibility of A-share negotiable market value and stock price index as the objectives of monetary policy concerns. That is to say, monetary authority should pay attention to the stock market, through regulating traditional intermediate target, such as money supply or interest rate, to optimize the final effect and achieve established policy goals.

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