作 者: (张夏);
机构地区: 南开大学经济学院国际经济研究所
出 处: 《财经科学》 2017年第8期12-22,共11页
摘 要: 本文采用日度数据研究美国预期货币政策冲击对我国金融市场的影响。研究发现,美国非预期货币政策冲击会显著影响我国shi bor利率水平和公司债券到期收益率水平,而对国债到期收益率水平、股市以及人民币汇率影响并不显著。美国非预期货币政策冲击对我国的影响具有显著的非对称性,但对我国金融市场影响能力十分有限。因此,我们更应该关注美联储预期内的货币政策调整对我国金融市场的冲击,采取有效措施积极应对。 This paper has investigated the effects of unexpected American monetary shock on Chinese financial market. The relevant daily data comes from Wind and Bloomberg. This paper has revealed that American unexpected mon- etary shock will affect Chinese shibor rate and the yields to maturity of Chinese corporate Bonds and it cannot affect the price of Chinese treasury bonds, the equity market and the exchange rate. Also, the shock has significantly asym- metrical effects, yet this unexpected shock has limited ability to violate Chinese financial market.