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Abstract

Firstly, have a introduction, describe the background of research, and leads to the topic of paper, secondly literature reviews. Summary the previous experts research and advise the advantage and disadvantage of previous research conclusions. Thirdly, take the empirical analysis to research the effect of stock market to the money demand, and mainly from the return of stock market and the volatility of stock market. Take describe statistic, build the model and use SAS and Eviews solf to analysis the empirical results, this paper found firstly, many experts research the money demand model, and consider the stock market effect the money demand, but few experts research the stock market in Japan. The time of sample also short. Secondly the interesting rate and CPI in Japan is low, the return and volatility of stock is llow, these are the feature of Japan market. Thirdly, it exists the negative relationship between return of stock market and money demand, when the return of stock market is higher, the resident will buy the stocks from the stock market use the money, and decrease the money demand, it will has a substitution effect. Which is similar to the Friedman(1988)、Allen(1994)、Furey(1993) and Palley(1995). it exist the positive relationship between volatility of stock market and money demand, This is similar to the John Thornton(1998)、Bruce Morley(200)、Mansor H.Ibrahim(2001). the stock market has a larger effect to the money demand in Japan. It will not only effect the M1, but also effect the M2, the return of stock market can effect the M1 and M2, the volatility of stock market also effect the M1 and M2. When the return of stock market higher, the resident will decrease the money demand, not only the M1, but also the M2, but it will trend to decease M1 firstly, then decrease the M2-M1. When the volatility of stock market larger, the resident will increase the money demand, not only the M1, but also M2. But the resident will trend to hold M1, and not save the money into the bank. Fourthly, t has negative relationship between the interesting rate and money demand. When the interesting rate is higher, the resident will save the money in the banks, and decrease the money demand, while if the interesting rate is low, the resident will take currency or use the money to consumer. This is similar to the Miller and Orr(1966,1968), Sprenkle and Miller(1980). Fifthly, the relationship between CPI and money demand is negative, that is to say when the CPI is higher or inflation, the resident will use the money to consumer or buy gold, which will keep and increase the value, and decrease the money demand. Actually when the inflation is seriously, resident will hold money, and try best to shopping, and increase the Utility. Sixthly, the relationship between GDP and money demand is positive, it means that when the economy scale is larger, it will need more money, it consider to the trading effect, the resident should have more money to trading with each other.首先，有一个开场白，介绍研究的背景，并导致纸，其次是文学评论的话题。总结以前的专家研究并提出建议的优势和劣势，以前的研究结论。第三，采取实证分析研究影响股市的钱的需求，主要来自于股票市场的回报率和股市的波动性。以描述统计，建立模型的，，使用SAS和Eviews确定SOLF分析实证结果，本文发现，首先，许多专家研究货币需求模型，并考虑对股市的影响货币需求，但一些专家研究股市日本。样品的时间也短。其次，有趣和消费物价指数在日本低，回报和波动性是LLOW，这些都是日本市场的特征。第三，返回股市与货币需求之间存在负相关关系，当股市的回报较高，居民将购买的股票从股市用这笔钱，并减少货币需求，就会有一个替代效果。这是类似于弗里德曼（1988），阿伦（1994年），富里（1993年）和帕利（1995年）。股市波动与货币需求之间存在正相关关系，这是约翰·桑顿（1998年），布鲁斯·莫利（200），曼索尔H.Ibrahim（2001）相似。股市有较大的影响日本的货币需求。它不仅将影响货币供应量M1，而且还影响了M2，股市的回报率，可以影响货币供应量M1和M2，股市的波动也影响到M1