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Wang, Zeyao (2020) The relationship between monetary policy and stock prices based on the Shanghai Stock Exchange. [Dissertation (University of Nottingham only)]

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Abstract

The economy in China is developing fast, and the economic environments are becoming well-organized these years. The stock market in China, which is regarded as an essential investment and financing channel for China, is also growing at a rapid rate, and the influence of the stock market upon the real economy is becoming profound. The real economy is regarded as a crucial pillar towards the national economy and becomes the foundation for the subsistence and advancement of human society. Moreover, the stock market is also being affected by the monetary policy through the transmission mechanism, and finally impacts the real economy. The topic of monetary policy transmission mechanism upon stock prices has aroused a deeper interest in scholars from all walks of life. Monetary policy is mainly applied to the stock market by means of money supply, interest rate, together with the exchange rate, and the stock market acts as a medium to transmit this effect to the real economy.

Therefore, how stock prices can be influenced by China's monetary policy has become the highlight of academic attention. The non-marketization of China's stock market, the non-marketization of interest rates, and the lack of flexibility in monetary policy have become the main points of discussion. This paper mainly analyzes how the capital market can be impacted by monetary policy through stock prices in both theoretical and empirical aspects, and whether it will have an effect on the real economy. From the empirical results, although the model fit is not as significant as developed countries, the monetary policy and stock prices have interactive relationships. Then, it accordingly put forward strategies and suggestions towards China's national conditions, and can also achieve the purpose of economic development and financial stability.

Item Type:	Dissertation (University of Nottingham only)
Depositing User:	WANG, Zeyao
Date Deposited:	14 Dec 2022 10:54
Last Modified:	14 Dec 2022 10:54
URI:	https://eprints.nottingham.ac.uk/id/eprint/61800

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