Research on the Relations Between Interest Rate and Stock Market in 2007
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摘要: 文章对2007年央行连续加息后,中国股市发生的变化进行了实证研究。根据经济学的一般规律,存款准备金率、利率的上调会导致股市的下跌,但是在中国2007年不到一年的时间里,已经经历了七次存款准备金率的上调和五次利率的上调,如此频繁的出台货币政策,股市却没有出现预期的下跌。针对这一现象进行了研究,分析这一经济学一般规律在中国不适用的原因,并对这一规律进行了补充修正。Abstract: The central bank increased the interest rate continuously in 2007.Under this condition, the dissertation discussed the changes of the Chinese stock market through an empirical analysis.Based on commonly used economic rules, the increasing of interest rate and the deposit reserving rate may have bad effect on the stock market, but the Chinese stock market has not fallen down as anticipatd after so many monetary Policy.This text analysed this phenomena and found out why the rule doesn't work in Chinese stock market, then provided a suggestion to modify the rule.
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Key words:
- increasing of interest rate /
- real rate /
- stock market
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