文献类型：期刊文献

中文题名：美国货币政策对中国股票市场溢出效应的实证研究

英文题名：An Empirical Study on the Spillover Effect of U.S. Monetary Policy on the Stock Market of Our Country

作者：袁鹏[1,2]

第一作者：袁鹏

机构：[1]中山大学岭南学院;[2]河南财经学院金融学院

第一机构：中山大学岭南学院,广东广州510275

年份：2010

期号：1

起止页码：46-49

中文期刊名：经济经纬

外文期刊名：Economic Survey

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2008】；CSSCI:【CSSCI2010_2011】；

语种：中文

中文关键词：美国货币政策;溢出效应;价格示范效应

外文关键词：U. S. monetary policy; spillover effect ; demonstration effect of price

摘要：本文认为:美国货币政策对我国股票市场真实回报具有显著的溢出效应,即扩张性的货币政策使我国股票市场真实回报下降;在短期,美国货币政策冲击对我国股票市场真实回报波动贡献大,而在中长期美国的通胀、产出冲击贡献大;美国货币政策溢出效应经由美国股票市场价格示范效应传递的机制不显著。
The author holds that firstly the U.S. monetary policy has obvious spillover effect on the real return of the stock market of our country, that is, expansionary U.S. monetary policy makes the real return of China＇s stock market decline, secondly, in the short run the impact of the U.S. monetary policy on the real return volatility of China＇s stock market is great, whereas in the mid and long run, the impact of the U.S. inflation and output is greater, and thirdly the spillover effect of U.S. monetary policy transmitted through the demonstration effect of the U.S. stock market is insignificant.