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股票市场的快速发展使其正在成为影响我国货币需求和货币政策的重要因素,鉴于此,本文研究了我国股票市场发展对货币需求的影响,发现股市上涨在短期内会增加M1的需求和减少M2的需求,在长期会减少M1和M2两者的需求,股市冲击对M1需求的影响具有持续性,对M2需求的影响不具有持续性。研究建议中国人民银行应适度关注股市波动对货币需求与货币政策的冲击,尤其应预防经济陷入股市泡沫与高通货膨胀的恶性循环。
In view of this, this paper studies the impact of the development of China’s stock market on the demand for money, and finds that the rise of the stock market will increase the demand of M1 and reduce the M2 in the short term, as the rapid development of the stock market makes it become an important factor affecting our monetary demand and monetary policy. Demand in the long run will reduce the demand of both M1 and M2, the impact of the stock market impact on M1 demand will be sustained, and the impact on M2 demand will not be sustained. The research suggests that the People’s Bank of China should pay due attention to the impact of stock market volatility on monetary demand and monetary policy. In particular, it should prevent the economy from plunging into a vicious circle of the stock market bubble and high inflation.