M1 and M2 indirectly effect the stock market through GDP but no transmition mechanism is formed stock market is a weakly exogenous variable in the cointegration vector.
M2均通过GDP对股市产生间接影响，但没有形成利率传导机制，我国股市是关于协整向量的弱外生变量。
By using the cointegration testing and vector autoregression models, we examine the long-run equilibrium and short-run fluctuations in the growth-led roles of foreign aggregate supply and demand.
本文利用协整关系检验和向量自回归模型，从短期波动和长期均衡角度，描述和检验了国外总需求和总供给对中国经济增长的拉动作用。
Moreover, Chapter Three analyzes the effects of the foreign reserve on the money supply empirically through the cointegration theory and vector autoregression model.
第三章利用协整理论与向量自回归模型，从实证上分析了外汇储备对我国货币供给的影响。
Moreover, Chapter Three analyzes the effects of the foreign reserve on the money supply empirically through the cointegration theory and vector autoregression model.
第三章利用协整理论与向量自回归模型，从实证上分析了外汇储备对我国货币供给的影响。
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