经济问题
經濟問題
경제문제
On Economic Problems
2014年
8期
65~70
,共null页
股票价格 货币需求 货币的交易需求 货币的预防需求
股票價格 貨幣需求 貨幣的交易需求 貨幣的預防需求
고표개격 화폐수구 화폐적교역수구 화폐적예방수구
stock price ; money demand; monetary transaction demand; monetary prevention demand
股票价格的波动既会通过影响经济主体的持币机会成本而影响货币的投机需求,也会通过影响总供求和金融资产价格而影响货币的交易需求和预防需求,进而影响货币需求。从理论分析的结论和实证研究的结果看,股票价格对货币需求的影响是负向的,而且股票价格与货币需求之间存在着长期的均衡关系,因此货币当局在制定和执行货币政策时必须考虑股票价格的变化;但是由于这种影响比较小,因此,货币当局还不能将其纳入到货币政策目标体系当中,即货币当局只能关注而不能盯住股票价格。
股票價格的波動既會通過影響經濟主體的持幣機會成本而影響貨幣的投機需求,也會通過影響總供求和金融資產價格而影響貨幣的交易需求和預防需求,進而影響貨幣需求。從理論分析的結論和實證研究的結果看,股票價格對貨幣需求的影響是負嚮的,而且股票價格與貨幣需求之間存在著長期的均衡關繫,因此貨幣噹跼在製定和執行貨幣政策時必鬚攷慮股票價格的變化;但是由于這種影響比較小,因此,貨幣噹跼還不能將其納入到貨幣政策目標體繫噹中,即貨幣噹跼隻能關註而不能盯住股票價格。
고표개격적파동기회통과영향경제주체적지폐궤회성본이영향화폐적투궤수구,야회통과영향총공구화금융자산개격이영향화폐적교역수구화예방수구,진이영향화폐수구。종이론분석적결론화실증연구적결과간,고표개격대화폐수구적영향시부향적,이차고표개격여화폐수구지간존재착장기적균형관계,인차화폐당국재제정화집행화폐정책시필수고필고표개격적변화;단시유우저충영향비교소,인차,화폐당국환불능장기납입도화폐정책목표체계당중,즉화폐당국지능관주이불능정주고표개격。
The fluctuation of stock price will not only influence monetary speculation demand through influencing economic entity＇ s opportunity cost of holding money, but also influence monetary transaction demand and prevention demand through influencing aggregate supply and demand, and financial asset price, and then influence money demand. From the conclusion of theoretical analysis and the results of empirical research, the influence of stock price on money demand is negative, and there is a long -term equilibrium relationship between stock price and money demand, so monetary authorities must pay attention to the change of stock price when formulating and implementing monetary policy. But because the influence is weak, monetary authorities cannot bring stock price into the goal system of monetary policy, that is monetary authorities only pay attention to stock price, instead of staring at it.
