股票市

发布时间：2018-02-07 09:43

本文关键词： 货币需求股票市场房地产市场交易型货币数量论　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场迅速发展,尤其是股票市场不断的发展和完善、房地产市场迅猛发展,微观经济主体也越来越重视持有多种财富形式,而不仅限于实物资产。货币需求函数的形式也不仅与收入相关,而是表现为交易型货币需求的回归,所以在这样的经济形势下,股票市场和房地产市场对货币需求的影响不容忽视。构建一个包含股票和房地产市场的虚拟经济与实体经济关系模型,并运用这个模型分析股票和房地产市场对货币需求的影响机制,通过简要回归分析实体经济、股票市场和房地产市场对货币需求的影响。然后本文通过协整和误差修正模型分别从总量型货币需求函数和收益率型货币需求函数两方面考察了股票和房地产市场对狭义和广义货币需求的影响。结果发现,在短期中,无论是总量型还是收益率型货币需求函数模型中,股票市场对狭义货币需求和广义货币需求的影响都是正向的,房地产市场对狭义货币需求和广义货币需求的影响都是负向的。而在长期中,在总量型货币需求函数模型中,股票流通市值与狭义和广义货币需求都是正相关的,房地产销售额与狭义货币需求负相关,与广义货币需求都是正相关的；在收益率型货币需求函数模型中,股票价格与狭义和广义货币需求都是正相关的,房地产价格与狭义和广义货币需求都是负相关的。目前对股票市场和房地产市场对货币需求的研究多采用收入型货币需求函数的形式,也有少数研究采用交易型货币需求函数的形式,而且前些年的研究多采用的是金融危机前的数据,所以采用金融危机后的数据,并将这两种货币函数放在一起进行对比分析是本文的一大创新点,为以后的研究提供了一个新的视角。最后本文结合理论分析和实证对比分析建议货币当局在制定货币政策时应考虑房地产市场和金融市场对货币需求的影响,忽视它们的影响可能会造成通货紧缩和资产泡沫的产生。
[Abstract]:With the rapid development of China's capital market, especially the continuous development and improvement of the stock market, and the rapid development of the real estate market, the microeconomic bodies are paying more and more attention to holding various forms of wealth. The form of the money demand function is not only related to income, but also expressed as the return of transactional monetary demand, so in such an economic situation, The influence of stock market and real estate market on money demand can not be ignored. This model is used to analyze the influence mechanism of stock and real estate market on the demand for money, and through the brief regression analysis of the real economy, The influence of stock market and real estate market on the demand of money. Then this paper investigates the stock market and real estate market from two aspects of aggregate demand function and yield type demand function by cointegration and error correction model. The impact of the field on narrow and broad monetary demand. In the short term, the influence of stock market on narrow and broad money demand is positive in both aggregate and yield money demand function model. The impact of real estate market on both narrow and broad monetary demand is negative. In the long run, in the aggregate monetary demand function model, market value in stock circulation is positively related to both narrow and broad monetary demand. Real estate sales are negatively correlated with narrow monetary demand and positively correlated with generalized money demand, and stock prices are positively correlated with both narrow and broad monetary demand in the yield type money demand function model. The real estate price is negatively correlated with both narrow and broad monetary demand. At present, the research on the demand for money in the stock market and the real estate market is mostly in the form of income money demand function. There are also a few studies in the form of transactional money demand functions, and previous studies have mostly used pre-crisis data, so the post-financial crisis data have been used. And putting these two kinds of monetary functions together for comparative analysis is one of the innovations in this paper. Finally, this paper suggests that the monetary authorities should consider the influence of the real estate market and the financial market on the demand for money when making monetary policy. Ignoring their effects could lead to deflation and asset bubbles.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F299.23;F822.0

【参考文献】