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本文以弗里德曼提出的股票市场对货币需求的影响机制为理论基础,构建了一个包含股票市场变量的货币需求函数,以2002-2009年第二季度的季度数据为样本,用Johansen协整检验法和Granger因果检验法对我国股票市场的发展的货币需求效应进行了检验,检验结果表明股票市场已经成为影响我国货币需求的一个重要因素并且股票市场的发展对货币需求具有负的效应。
In this paper, Friedman put forward the theory of the stock market demand for money on the basis of the mechanism to build a stock market variables included in the demand for money function, quarterly data from the second quarter of 2002-2009 as a sample, with Johansen co-integration Test and Granger causality test on the development of China’s stock market demand for money was tested, the test results show that the stock market has become an important factor affecting the demand for money in our country and the development of the stock market has a negative effect on the demand for money.