The Empirical Research Of The Impact Of The Price Of Gold In The Money Supply

With the development of China’s national economy and social development levelunceasing enhancement, our country’s rising international status and internationalinfluence is also rising, then gradually become the world’s currency markets the hardcurrency. The United States have launched a series of quantitative easing since theLehman brothers went bankrupt. Four rounds of quantitative easing has been to thewhole world money market release huge amounts of liquidity, the dollar’s super hair isobvious, the villain’s design is obvious, and the people against the dollar is notdecreased. On the one hand, thing phenomenon shows that the yuan is also a certaindegree of super phenomenon; on the other hand, it also shows that China’s domesticmacroeconomic system enough fast enough solid, economic development, marketdemand for the large enough, that can accommodate such a huge amount of renminbicirculation in the market, this is the embodiment of the our country more than30years of reform and opening up great achievements.Research purpose of this article is based on the money supply and the study ofthe relevant data in the price of gold, more accurately reveal the RMB money supplythe influence mechanism of the gold price, inspection as growing internationalreputation in our country, the international status of growing period, the yuan to theinfluence degree of the price of gold, influence the outcome of the way and influence.The thesis can be divided into the following four parts:First of all, the thesis of scholars at home and abroad in the money supply andthe scientific research achievements of the studies on the gold price system of comb,lay a theoretical foundation for the research of the paper.Secondly, the paper on our country’s monetary policy, monetary policy impact onmoney supply, money supply level classification and the basic properties of gold andprice forming mechanism, make a systematic analysis and explanation. And the gold price fluctuations for sorting and analyzing the main factors, whichleads to below RMB money supply and the empirical analysis of the price of gold.Again, the paper on the yuan money supply and price of gold collecting andorganizing the data, and on this based on the combination of theoretical and empiricalanalysis, qualitative and quantitative analysis of the interlock, long-term andmedium-term analysis and historical research complement each other, to the specifichistorical data by statistical description of qi, coupled with unit root test,co-integration test, error correction model, granger causality test, VAR model,econometric methods, such as empirical analysis was carried out on the money supplyand the price of gold inspection knot Gao forecast research.The innovation of the thesis research point may lie in: nowadays the domesticand foreign scholars on money supply and stock market and housing market for thestudy of the relationship between asset prices, while ignoring the money supply andmonetary gold one once the influence of the relationship between the price. And theyall focus on carries on the simple analysis of the empirical test, less impact on thetransmission mechanism analysis. Trying to fill the gaps in current research, this paperresearch the relation between money supply and the price of gold, the money supplyas one of the factors that affect the price of gold. Based on the analysis of the impacton the basis of the theoretical basis and the influence of channel, combined with thehistorical perspective, using statistical measurement empirical research, mainlyanalyzes the effects of money supply of gold. Different stages and the long-term,medium-term and short-term money supply the different influence to the gold price.