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加的夫大学硕士毕业论文:日本股票市场对货币需求的影响的实证分析The empirical analysis of the influence of stock market on money demand in Japan [2]

论文作者:留学生论文论文属性:硕士毕业论文 dissertation登出时间:2013-07-11编辑:anne点击率:3211

论文字数:10463论文编号:org201307111146152649语种:英语论文 English地区:英国价格:$ 88

关键词:Cardiff UniversityStock marketmoney demandJapan

摘要:In this paper, it mainly researches the effect of stock market to the money demand based on the Japan.在本文中,主要研究货币需求的基础上日本股市的效果。

和M2。当股市的回报率更高,居民会减少货币需求,不仅货币供应量M1,M2,但它会首先趋势去世M1,M2-M1减少。当股市波动较大,居民将增加货币需求,不仅货币供应量M1,但也M2。但居民将趋势保持货币供应量M1,而不是节省的钱存入银行。第四,T有趣的利率与货币需求负相关关系。有趣率较高时,居民将节省的钱在银行,减少货币需求,而如果有趣率低,居民将采取货币或用这笔钱给消费者。这是类似的米勒和奥尔(1966,1968),Sprenkle和Miller(1980)。第五,消费物价指数与货币需求之间的关系是负的,也就是说当CPI高于或通货膨胀,居民将用这笔钱给消费者或购买黄金,将保持和增加值,并减少货币需求。其实,当通货膨胀严重时,居民将持有的钱,并尽量购物,增加实用。第六,国内生产总值与货币需求之间的关系是积极的,这意味着,当经济规模较大,这将需要更多的钱,考虑到交易的影响,居民应该有更多的钱,与对方交易。

Catalog


1 Introduction 3
1.1 Background 3
1.2 Literature Reviews 5
1.3 Object of paper 8
1.4 Content and structure of paper 9
2 The influence of stock market on money demand based the theory analysis 10
2.1The relation between stock market and money demand 10
2.2 The relation between stock market and the structure of money demand 16
3 The empirical analysis of the influence of stock market on money demand in Japan 18
3.1 data resource 18
3.2 descriptive statistical analyses to variables 19
3.3 The model of paper 21
3.4 Empirical analysis results 24
3.4.1 ADF test 24
3.4.2 Empirical analysis results 25
4 Conclusions and advises 31
4.1 Conclusions 31
4.2 Advises 33
References 33


1 Introduction 

1.1 Background 

The convention economists researched the demand of money were mainly make sure the money demand function through analysis the factors that affect the demand of money, then adjust the money demand behavior to change the supply of money, at last affect the real economy, while not consider the effect of serve to the financial asset change of money demand, the serve to the trading of financial assets of money demand is really exist in the modern economic life, these money often exist the side of serve trading and commodity, and divorced from the actual economic process, these were the special money, and become more and more important in the real economic. Since 1970s, as the Finance innovation and the rapid economic development of the stock on behalf of the virtual, the mechanism and environment of economic operation had changed. People found the amount of money were not simple relate to the price of commodity and income, and has a import relation to the trade of all money currency media, many economists researched the money demand function, and found the reasons that make the money demand unstable is lack the stock market factors. When add the stock market factors into the money demand function, the money demand function will stable and explain. The stock market has a large effect to the money demand.“公约”的经济学家,主要研究货币需求确保通过分析影响货币需求的因素,然后调整货币需求行为来改变货币供应量,最后影响到实体经济,而没有考虑货币需求函数的影响,为金融资产的货币需求的变化,服务的金融资产交易的货币需求是真的存在,在现代经济生活中,这些钱往往存在着服务贸易及商品的一侧,脱离实际经济的过程中,这些特殊的钱,在现实的经济变得越来越重要。自20世纪70年代以来,金融创新和股票代表的虚拟经济的快速发展,经济运行的机制和环境发生了变化。人们发现,不是简单的商品的价格和收入有关的金额,并有进口有关的所有的钱,货币,贸易,媒体,许多经济学家研究货币需求函数,找到了原因,使货币需求不稳定缺乏股市的因素。当加股票的市场因素纳入货币需求函数,货币需求函数将稳定和解释。股市的钱的需求有很大的影响。
Since Japan had stock market, the stock market development very quickly, the stock market of Japan become a most important stock market in the world, the Tokyo Stock Exchange also famous in the world, the scale of Tokyo Stock Exchange is the 3rd in the world. The market value of stock in Japan accounting to the GDP  more than 100%, as the stock market scale increase and the perfect of function, the direct financing according to the corporation financing increase, the stock论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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