| Since the1990s, the world’s stock markets have been developed rapidly. As aresult, the stock market transmission mechanism of monetary policy has also receivedmore and more attention of the national monetary authorities and been studied byscholars. In our country, with the development of the socialist market economyconstruction and the reform of economic system carried forward, the stock marketfrom having noting to having something, from having few to having many, nowoccupies a very important position in national economy. As a place where resourceallocation, property right trading, risk management and corporation supervision, thefunction of stock market has been more and more obvious, and has impact ontraditional transmission mechanism of monetary policy which can’t be ignored. Thispaper is based on the perspective of stock market, to study the process through whichthe monetary policy affects the real economy. Deviding this transmission mechanisminto two, namely the operation of monetary policy works to the market price of stockand the stock price change works to the real economy. Then selecting Jan2007-Dec2013monthly datas, using Eviews7.0analysis software, adopting econometricanalysis methods including Census X-12seasonal adjustment method, Unit root test,Cointegration test, Granger causality test, VAR model, Impulse response function andVariance decompositon to study this two stages. The results show that at presentChina’s monetary policy affects stock market mainly through money supplytransmission mechanism, interest rate transmission mechanism’s effect is relativelynot obvious, but in the long term, the interest rate transmission mechanism will play amore important role; and the change of stock price has no long-term equilibriumrelationship with investment and consumption. The paper’s conclusions are not thesame with previous, but considering the difference of sample selection, the authorthinks that the conclusions are reasonable, and have certain reference significance. |
PDF Full Text Request