Abstract
The sensitivity of the stock market to the monetary policy leading to the study of the impact of monetary policy on stock market is extremely important (For each different market, reactions of stock index also differ. Therefore, this paper is conducted to assess the impact of monetary policy on the stock price index in Vietnam market and Shenzhen (China) from 2006 to 2015. The authors use the ARDL model to find out and compare the impact of monetary policy on stock price in two markets. As a result, it shows that the monetary policies are significant in changing the stock price. In particular, interest rates, money supply and reserved ratio have opposite e ffects on stock prices in Vietnam; For the Shenzhen market, the reserved ratio have immediate positive impact on the stock price of Shenzhen.
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