In theory,the stock market has an impact on money demand by means of wealth effects,portfolio effects,transaction effects,and substitution effects.This paper constructs a money demand function including stock market variables,and tests the money demand effect of Chinese stock market,using the quarterly data from 1994 to 2008 with a co-integration analysis.The result indicates that stock market has already become an important factor that affects Chinese money demand.At the background of the stock market cont...