Financial Crisis Era After The Stock Market Fluctuation And Correlation Analysis China-U.S

Financial crisis into a financial crisis that has engulfed the world's major financial markets, financial markets are not only affected the developed countries in Europe and America, but also a direct impact on trade and manufacturing foundry in China and other developing countries the real economy. Countries around the world are actively using aggressive monetary and fiscal policies to rescue the market, has yielded good results, but the global economic recovery remains far. September 2008, the Federal Reserve issued the first round of the quantitative easing policy of quantitative easing, to save the brink of the edge of financial institutions. Global stock indexes in other countries to follow up the case to rescue the market, the stock market sharply higher. Quantitative easing policy has made the United States, represented by the S & P financial close on the heels of U.S. stock market before the stock high, and even back to pre-crisis levels. 2010 Shanghai and Shenzhen 300 Index fell 12.51%, which is a microcosm of the stock market in 2010.In this, I selected a major U.S. stock indices between the two countries to study the stock market as a sample quantitative easing policy twice the volatility of the circumstances and relevant. This paper selects a particular data sample, including China's Shanghai and Shenzhen 300 Index, the Hang Seng Index and the U.S. Standard & Poor's, the use of GARCH models analyze, summarize, after the financial crisis in the stock market index volatility characteristics; and the use of VAR model impulse response function, the stock of China and the United States in the post-crisis era in the correlation characteristics.In this paper, empirical results are as follows: in the volatility, the post-crisis era, China and the United States will have a relatively large stock market volatility and have a certain continuity characteristics, but also leverage more obvious; in terms of relevance Chinese stock market affect the U.S. is limited, the United States still has a significant impact on the Chinese stock market, in particular, quantitative easing policy of the United States under the influence, but the impact a major factor in China's stock market and their own level of economic development, or are closely related.