作　　者： ; ;

机构地区： 湖南农业大学经济学院

出　　处： 《广东金融学院学报》 2012年第6期66-78,共13页

摘　　要： 房地产调控的货币政策有效性可以分为理论有效和实施有效。从利率传导和货币供给量传导进行理论有效性分析可以得出,利率传导对房地产价格产生影响必须满足一定的边界条件;由于基础货币和派生货币的可控性问题,货币供给的内生性制约了房地产调控的政策有效性。进一步利用省级面板数据模型的实证检验得出,数量型的信贷工具是影响中国房地产价格的主要原因,而价格型的利率工具对房地产调控的有效性很低,利率对房地产价格产生了正向影响。提高房地产调控的货币政策有效性,关键是改变利率传导的边界条件,有效控制货币供给量过快增长。 The Monetary effectiveness of real estate regulation can be divided into theoretically effective and practically effective. By the theoretical effectiveness analysis based on interest rate and monetary supply transmission, the conclusion is whether interest rate transmission is effective to control real estate price depends on certain interest rate boundary conditions;and the monetary supply endogeneity constrains the monetary policy effectiveness, which is due to the controllability problem of basic money and derived money. By the empirical test using provincial panel data model, the conclusion is that quantitative tools for credit level is the main reason affecting real estate price, while price tools for interest rate rarely affect real estate price, even the relationship between interest rate and real estate is positive. Therefore, the key to increase the effectiveness of monetary policy in regulating real estate is how to change the interest rate boundary conditions and control the excessive growth of money supply.

关 键 词： 房地产价格 房地产调控 货币政策有效性

领　　域： [经济管理]