중국 금리정책이 주식시장에 미친 영향
The Impact of China's Interest Rate Policy on Stock Market
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Abstract
In this study, methodology of event study used to understand the impact of changes from Reserve Requirement ratio and standard interest rate of loan and deposit. The results are followings:First, the correlation between high reserve ratio and stock market's response was positive at A stock market, but negative at B stock market in ShangHai. It had no statistical meaning. On the other hand, both A and B stock markets in ShenZhen received a negative impact and thus it was statistically meaningful. In comparison between A stock market and B stock market, B stock market was more sensitive to the rise in reserve ratio and its effectiveness remained true continuously. Secondly, rise in the interest rate resulted in different impacts on A stock market and B stock market. It gave a short-lived little positive impact on A stock market. However B stock market took a strong negative and long-lived impact. Thirdly, considering the impact of interest rate cut, it affected the stock market from time to time. But it didn't blow any meaningful influence on the stock market. The impact was not sustained for a while at all.
참고문헌 (28)
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