机构地区: 南京大学商学院
出 处: 《上海金融》 2013年第10期14-18,116,共5页
摘 要: 本文从理论模型和实证分析两个方面检验了我国货币和房地产之间的资产替代现象,在此基础上研究货币政策对房地产价格的影响,得出以下结论:经济个体在房地产与货币之间的资产替代行为是推高我国房价的动因之一;存款利率、货币供给对房价的作用方向在不同时期具有一致性,在经济的不同区制下实际存款利率降低和实际货币供给增长率上升都将推高房地产价格;存款利率、货币供给对房价的作用程度在不同区制具有非对称性。 The paper examines the asset substitution phenomenon between currency and real estate in China from perspectives of theoretical model and empirical analysis, on this basis studies the impact of monetary policy on the real estate price. And it draws the following conclusions: the asset substitution behavior of economic agents between currency and real estate is one of the many motives that push up real estate prices; the functioning direction of deposit rates and money supply on real estate price is consistent in different times, and the decline in real deposit rates and the increase in growth rate of real money supply may drive real estate prices to rise in different economic regimes; the influence of deposit rates and money supply on real estate price is asymmetric in different regimes.
关 键 词: 货币政策 利率 房地产价格 资产替代 非对称传导
领 域: [经济管理]