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《Journal of Dalian University of Technology(Social Sciences)》 2011-01
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Empirical Analysis of the Relationship between Exchange Rate and Stock Asset Price Bubbles and Money Policy Research

LU Yu-duo,WANG Yu School of Economics,Dalian University of Technology,Dalian 116024,China  
The paper first analyzes the current situation of exchange rate and stock asset price in China(taking SSE A Share for example),and then conducts an empirical study of the relationship between RMB exchange rate appreciation and changes in SSE A Share price including the influence of the financial crisis.The result shows that exchange rate appreciation will cause the fall in stock asset price in the long-term.By developing a money policy model which serves to respond to the stock asset price bubbles caused by exchange rate appreciation,it is concluded that upon the occurrence of asset price bubbles,tightened monetary policy should be implemented in most cases to avoid larger bubbles in the short-term and the worse effects such as deflation after the long-time burst of the asset price bubbles.
【Fund】: 国家社会科学基金项目(10CJL039)
【CateGory Index】: F832.51;F832.6;F822.0;F224
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Chinese Journal Full-text Database 1 Hits
1 HUANG Fei-xue,HOU Tie-shan Department of Economics,Dalian University of Technology,Dalian 116024,China;Elastic Comparison of Stock Price about Dalian and Shenyang Listed Companies Based on RMB Appreciation[J];Journal of Dalian University of Technology(Social Sciences);2009-01
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Chinese Journal Full-text Database 3 Hits
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