Stock Market,RMB Exchange Rate and Money Demand In China
研究了1999年1月至2010年5月中国开放经济下货币需求的特征，发现通胀预期、股价波动和人民币汇率显著影响实际货币余额，人民币升值或升值预期通过货币替代和资本流动减少实际货币余额，且升值引起的热钱对A股市场有显著影响。
This paper explores the characteristics of the monetary demand from January 1999 to May 2010 under the circumstance of open economies in China.The main result on long-term characteristics shows that inflation expectation,stock prices volatility and RMB exchange rate are significant influential factors for real money balance demand.RMB appreciation or appreciation expectations decreases the real money balances by the effects of currency substitution and international capital flows.Study on dynamic effect mechanism argues that the foreignhot moneycaused by RBM appreciation has significant effect on the Chinese A-share market during the sample period.The policy suggestion is that Chinese monetary authority should at least concern assets price volatility, and quantity monetary goal should consider RMB exchange rate or RMB appreciation expectation.