tailieunhanh - Monetary policy and liquidity of Vietnam’s stock market

This study investigates the impact of monetary policy on liquidity of Vietnam’s stock market from September 2007 to November 2014. Time series of liquidity are determined by monthly liquidity data for 643 enterprises in the surveyed period. | 2 Tran Thi Hai Ly / Journal of Economic Development 23(2) 02-21 Monetary Policy and Liquidity of Vietnam’s Stock Market TRAN THI HAI LY University of Economics HCMC – hailyth@ ARTICLE INFO ABSTRACT Article history: This study investigates the impact of monetary policy on liquidity of Vietnam’s stock market from September 2007 to November 2014. Time series of liquidity are determined by monthly liquidity data for 643 enterprises in the surveyed period. Two variables of the monetary policy, including growth in money supply and interbank rate, are employed in VAR model along with four different measures of market liquidity. The results show that unexpected variance in the two monetary policy variables has no significant impact on the market liquidity, which, in turn, may be improved by the positive shocks of market returns, inflation, and growth in industrial production. Market variance does produce certain effects, but discrepancies occur in the signs of various liquidity measures. Received: May. 06. 2015 Received in revised form: May. 16. 2015 Accepted: Mar. 25 2016 Keywords: Liquidity, monetary policy. Tran Thi Hai Ly / Journal of Economic Development 23(2) 02-21 3 1. Introduction Prior studies on liquidity mainly centered on the development of liquidity measures in various markets ranging from developed to emerging stock securities and examined whether liquidity should be one of the risk components in asset pricing models as well as its determinants. At the market level the issue of liquidity becomes increasingly critical, particularly amid the shocks it has ever suffered during the past two decades. Evidently, policy makers have made a move to impact on liquidity owing to its importance attached to efficiency of financial market and prosperity of the economy (Chordia et al., 2008). Recent studies also focus more on market-level time series data and inspect a variety of macro factors with influence on liquidity such as inflation, growth, and .

• Đầu tư Chứng khoán
• Monetary policy
• Vietnam’s stock market
• Market variance
• Industrial production
• Interbank rate
• Fiscal policy
• Environmental degradation
• Role of fiscal policy
• Monetary policy in environmental degradation
• Chính sách tiền tệ
• Lecture notes for Monetary policy
• Traditional models
• Monetary policy models
• Discretionary solution
• Monetary policy implementation
• Macroeconomic stabilization
• Monetary policy and orientations
• SBV monetary policy
• Global economy
• Investigating monetary policy dynamics in Nigeria
• The role of private investment
• Investigating monetary policy dynamics
• Good macroeconomic policies
• The dynamics of monetary policy
• Power of monetary policy
• Monetary policy in fighting
• Long term high inflation
• Based on taylor rule
• Empirical test on impact of monetary policy
• Fiscal policy on Vietnam stock market
• Vietnam stock market
• Utilizing Vector error correction model
• Monetary policy tools
• Monetary policy transmission
• Monetary policy instrument
• International integration
• Vietnam gradually integrates
• Monetary and credit policy
• Conditions of economic instability
• Limiting monetary policy
• Domestic and foreign market
• Monetary security of Ukraine
• Monetary stance
• Ordered probit
• SBV’s monetary policy
• State Bank of Vietnam
• Accounting undergraduate Honors theses
• Essays on monetary policy rules and inflation dynamics
• Monetary policy rules
• The domestic determinants of inflation
• The policy makers’ opportunistic approach
• Inflation accounting and control through monetary policy measures in Nigeria
• Multi regression analysis
• Control through monetary policy measures
• The ordinary least squares estimation techniques
• The principal policy variables
• Operational monetary policy rules
• Interest rate setting
• Adaptive learning
• Optimal policy
• Monetary policy changes
• Market interest rates in greece
• An event study approach
• Central Bank operational procedure
• Market interest rates
• Exchange rate
• Time series
• Monetary policy on the exchange rate
• Sign restriction approaches
• Credit channel
• Transmission channel of monetary policy
• Capital adequacy ratios
• Preferred stocks
• Monetary policy rate
• Financial inclusion
• Inflation rate
• Asia emerging markets
• Management of monetary policy
• Macroeconomic goals
• Macroeconomic policies
• Investment policies
• Trade policies
• Vietnamese stock market’s liquidity
• M2 supply leads
• Financial markets
• Monetary policy effectiveness
• Comprehensive measurement
• Monetary policy rates
• Market rate
• Monetary transmission in Vietnam
• Interest rate
• Bank lending channel in Vietnam
• PhD thesis
• Price channel
• The Structural VAR
• The Nominal Rigidities
• Monetary Policy Shocks
• New Keynesian Theory
• The Monetary Policy
• Lecture Financial markets
• Thị trường tài chính
• Monetary theory