| 中国货币政策传导到中国资本市场渠道有效性的实证分析 |
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| 引用本文： | 范方志,于赟.中国货币政策传导到中国资本市场渠道有效性的实证分析[J].绥化学院学报,2006,26(3):1-7. |
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| 作者姓名： | 范方志 于赟 |
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| 作者单位： | 1. 浙江师范大学财政金融研究所,浙江,金华,321000
2. 英国渣打银行有限责任公司上海分行,上海,200433 |
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| 摘 要： | 本文运用时间序列分析的方法,研究在中国人民银行间接调控货币政策的新时期,在中国资本市场规范成长的新阶段,中国货币政策传导到中国资本市场的渠道的有效性。实证结果表明:中国货币政策能够通过利率渠道、通货膨胀率渠道和货币供应量渠道有效地传导到中国资本市场。
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| 关 键 词： | 货币政策 资本市场 传导渠道 有效性 |
| 文章编号： | 1004-8499（2006）03-0001-07 |
| 收稿时间： | 2006-01-17 |
| 修稿时间： | 2006年1月17日 |
An Empirical Analysis on the Effectiveness of the Transmission Channels through Which Chinese Monetary Policy Makes an Impact on Chinese Capital Market |
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| Fan Fangzhi,Yu Yun.An Empirical Analysis on the Effectiveness of the Transmission Channels through Which Chinese Monetary Policy Makes an Impact on Chinese Capital Market[J].Journal of Suihua University,2006,26(3):1-7. |
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| Authors: | Fan Fangzhi Yu Yun |
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| Institution: | 1. Financial Institute of Zhejiang Normal University, Jinhua Zhejiang; 321004; 2. International Finance Departerment of Fudan University, Shanghai, 200433 |
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| Abstract: | In this paper,we make an empirical research on the effectiveness of the transmission channels through which Chinese monetary policy makes an impact on Chinese capital market since May in 1999,when the People's Bank of China has started to implement monetary policy through an indirect way and Chinese capital market has entered a regulatory stage of development,by the econometric modeling of financial time series.As the empirical analysis demonstrates,Chinese monetary policy makes an effective impact on Chinese capital market through interest rate channel,inflation channel and money supply channel. |
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| Keywords: | Monetary Policy Capital Market Transmission Channel Effectiveness |
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