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Based on the monetary policy transmission mechanism of stock market

Author: ShuShi
Tutor: BaShuSong；LiGuoJiang
School: Yunnan University of Finance
Course: Finance
Keywords: Monetary policy Transmission mechanism Conduction efficiency Stock market
CLC: F822.0;F832.51
Type: Master's thesis
Year: 2009
Downloads: 269
Quote: 0
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Abstract


Makes the development of the national stock market since the 1980s, financial innovation, financial liberalization and globalization of capital markets deepening, the stock market with financing market is increasingly apparent function of risk pricing, resource allocation function of property rights defined function, and the role played in the day-to-day economic life of the people is also growing, more and more profound impact, which makes the central banks have to consider the stock market factors in the implementation of monetary policy. As former Fed Chairman Alan Greenspan in August 1999, the money to invest in the stock market due to the growing number of Americans, the Fed decisions than ever must have paid attention to the movements of the stock market. Since 1998, the Fed several times to cut interest rates to raise interest rates, the meantime regarded maintain market stability as an important consideration. The stock market reaction is sensitive to changes in monetary policy indicators, which makes the stock market as a monetary policy signal transduction media, and laid a solid foundation for the monetary authorities to explore the effect of this policy transmission channels. With the continuous development and improvement of China's financial markets, coupled with the wave of bull market since the formation of the split share structure reform, China's stock market participation has been greatly improved, as of now, the Shanghai and Shenzhen securities accounts of more than 100 million, it is estimated that National investors 30 million, the number of domestic fund management companies reached 58, more than 300 the number of funds, the total size of the securities investment fund assets over one trillion, nearly 20 million of the number of Christian Democrats, the so-called \August 9, 2007, the total market capitalization of the stock market in China for the first time more than GDP, stock market become a barometer of the economic operation gradually strengthen. With the development of the stock market, the micro-foundation of the monetary policy has undergone profound changes, the original commercial banks as the main intermediary conduction mechanism of monetary policy gradually weaken, while the stock market has become the intermediary conduction mechanism is gradually enhanced. In this context, the study of the stock market-based monetary policy pathway is smooth expand analyzed and discussed. The article is divided into three parts. The first part is the introduction and an overview of the theory of the transmission mechanism of monetary policy stock. The second part is part of the focus of the article, the unit root test, cointegration theory, the Granger causality reason Inspection of monetary policy based on the stock market in two stages, the monetary policy transmission to the stage and the stock market to the stock market conducted to the real economy stage empirical analysis. The third part is the actual situation in our country based on the empirical results, analysis of China's stock market conduction obvious reasons, and make policy recommendations.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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