作　　者： (林晓燕）; ;

机构地区： 汕头大学商学院

出　　处： 《汕头大学学报（人文社会科学版）》 2012年第4期66-73,95,共8页

摘　　要： 国际热钱是指为追求最大盈利在国际金融市场上迅速流动的短期投机性资金。国际热钱的大规模涌入可能引发某一国资产价格的大幅上涨,从而导致投机泡沫的产生。由于近年来人民币汇率的不断升值以及其他原因,大量的热钱流入对我国经济的虚假繁荣起到了推波助澜的作用。运用VAR模型检验分析热钱流入对我国一二线城市房价的影响,结果发现热钱涌入对一二线城市房价的影响尽管存在差异,但都有着较大的冲击,这与过去国内学者的研究结论不尽相同。最后,根据对实证研究结论的探讨,给出政策建议。 International hot money refers to a rapid flow of the short-term speculative funds which pursue the maximum profit in international financial market.The massive influx of international hot money may initiate massive price increase of capital asset,leading to speculative bubbles.In recent years,due to the continuous appreciation of RMB and other reasons,the inflow of hot money has a surprising amount to do with the false prosperity in our country.According to the VAR model,it is found that the inflow of hot money has considerable impact on housing prices in the first-tier and second-tier cities despite some differences in impact,which disagrees to some extent with earlier study results from some domestic scholars.Finally,some policy recommendations are given based on the conclusion of empirical research.

关 键 词： 热钱 房价指数 冲击差异 影响

领　　域： [经济管理—国民经济]