货币政策作为市场稳定器在COVID-19大流行期间
Yimin Shan1, Yang Chen1, Yajun Xiao1
1International Business School Suzhou, Xi'an Jiaotong-Liverpool University, 8 Chongwen Road, Suzhou, China.
概括
股票市场对流动性政策公告表现出强烈的积极反应,特别是在COVID-19危机期间. 这种影响在小企业和非国有企业中更为明显.
科学领域:
- 经济学 经济学 经济学
- 金融市场 金融市场
- 货币政策 货币政策 货币政策
背景情况:
- 扩张性货币政策是重要的经济工具.
- 了解政策对金融市场的影响至关重要,尤其是在COVID-19等危机期间.
研究的目的:
- 分类扩张性货币政策 (利率,货币宽松,流动性).
- 在COVID-19大流行期间和之后分析股票市场对不同政策类型的反应.
- 根据特征,调查企业层面的反应.
主要方法:
- 扩张性货币政策的分类.
- 分析股票市场对政策公告的反应 (市场和行业层面).
- 检查公司特征 (规模,所有权) 作为传输道.
主要成果:
- 流动性政策公告在COVID-19期间和之后显著提高了股票市场的表现.
- 对流动性政策的反应比对利率或宽松政策的反应更为重要.
- 中小企业和非国有企业对流动性政策的积极反应增加.
结论:
- 流动性政策对经济产生重大和持久的影响.
- 货币政策传播在各个企业之间有所不同,小型企业和非国有企业在危机期间从流动性措施中获益更多.
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