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自1999年开始,中国政府开始推出了一系列的管理规定,使得货币市场和资本市场开始有了一定的衔接,货币政策的传导机制逐渐影响资本市场的价格和波动性,随着经济和社会法制的发展和完善,两个市场间的相关性逐渐密切。2005年以来,我国货币市场的流动性问题广泛受到国内学者和专家的关注,目前存在的流动性过剩以及股市持续高涨,房价泡沫现象与日本危机前所出现的经济现象有极大的相似性,本文试图从定性分析的角度来说明流动性过剩现象传导机制下的中国股市和其预期。
Since 1999, the Chinese government has started to introduce a series of regulatory provisions that allow the money market and capital market to start some convergence. The transmission mechanism of monetary policy gradually affects the price and volatility of the capital market. With the economic and social legal system The development and improvement of the correlation between the two markets gradually close. Since 2005, the liquidity problems in the money market in our country have been widely concerned by domestic scholars and experts. The current excess liquidity and the stock market continue to rise. The housing bubble phenomenon has great similarities with the economic phenomenon before the Japanese crisis. This paper attempts to illustrate the Chinese stock market and its expectation under the mechanism of transmission of excess liquidity from the perspective of qualitative analysis.