Empirical Analysis on the Impact of Monetary Policy upon the Real Estate Investment in China

被引：0
|
作者：
Lu Ying [1 ]
Tian Shunxi [1 ]
Wu Dongli [1 ]
Cao Guoqiang [1 ]
机构：
[1] Shenyang Inst Aeronaut Engn, Sch Econ & Management, Shenyang, Peoples R China
来源：
PROCEEDINGS OF 2008 INTERNATIONAL CONFERENCE ON CONSTRUCTION & REAL ESTATE MANAGEMENT, VOLS 1 AND 2 | 2008年
关键词：
monetary policy; interest rate; money supply; the real estate investment;
D O I：
暂无
中图分类号：
TP39 [计算机的应用];
学科分类号：
081203 ; 0835 ;
摘要：
By using relevance analysis, Granger reason-result relationship analysis and co-integrated analysis methods, the paper empirically analyzed the impact of China's monetary policy upon the real estate investment and the time-lag. Through studying the Chinese relative monthly data from 1999 to 2006, the following conclusions has been drown: In the long run, there is a stable positive co-integrated relationship among interest rate, money supply and the ratio of real estate investment and gross fixed assets investment. Money supply has somewhat effect on the real estate investment. It is need to emphasize that interest rate is NOT the effective instrument of controlling the real estate investment. In the short run, interest rate and money supply have the same influence on the real estate investment, but it is not remarkable. Hence, monetary policy has impact upon real estate investment, and that the impact of money supply upon real estate market is much apparent than interest rate policy. Impact time lag of money supply upon real estate market is two seasons.
引用
收藏
页码：896 / 898
页数：3
相关论文
共 50 条
  • [1] An Empirical Analysis of the Impact of Monetary Policy on the Real Estate Prices
    Tan Kaibing
    Guo Jingjuan
    [J]. PROCEEDINGS OF INTERNATIONAL SYMPOSIUM - MANAGEMENT, INNOVATION & DEVELOPMENT (MID2014), 2014, : 616 - 621
  • [2] The effects of monetary policy on real estate investment in China: a regional perspective
    Wei, Yigang
    Lam, Patrick T. I.
    Chiang, Yat Hung
    Leung, Barbara Y. P.
    [J]. INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT, 2014, 18 (04) : 368 - 379
  • [3] Real Estate Investment Efficiency and Monetary Policy
    Ning, Yuxin
    Li, Feifei
    [J]. PROCEEDINGS OF THE 2015 INTERNATIONAL CONFERENCE ON EDUCATION REFORM AND MODERN MANAGEMENT (ERMM 2015), 2015, 15 : 321 - 324
  • [4] MONETARY POLICY TRANSMISSION AND REAL ESTATE INVESTMENT TRUSTS
    Bredin, Don
    O'Reilly, Gerard
    Stevenson, Simon
    [J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2011, 16 (01) : 92 - 102
  • [5] The real effects of monetary policy in China: An empirical analysis
    Dickinson, David
    Liu, Jia
    [J]. CHINA ECONOMIC REVIEW, 2007, 18 (01) : 87 - 111
  • [6] Dynamic Analysis on the Impact of Monetary Policy Tools on Real Estate Price
    Zhao Ze-bin
    Sun Ying-ying
    [J]. 2014 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (ICMSE), 2014, : 1828 - 1835
  • [7] Theory and Empirical Research on Real Estate Price and Monetary Policy
    Li Shuhong
    Ma Jidong
    [J]. PROCEEDINGS OF 2009 INTERNATIONAL CONFERENCE ON CONSTRUCTION & REAL ESTATE MANAGEMENT, VOLS 1 AND 2, 2009, : 1013 - +
  • [8] An empirical analysis of the impact of real estate macro-control policy
    Wang, Yaowu
    Jin, Haiyan
    [J]. Tumu Gongcheng Xuebao/China Civil Engineering Journal, 2008, 41 (08): : 105 - 111
  • [9] The effect of monetary policy on real estate price growth in China
    Xu, Xiaoqing Eleanor
    Chen, Tao
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2012, 20 (01) : 62 - 77
  • [10] The Impact of Urbanization on Investment of Real Estate Industry in China
    Liu, Yan
    Chau, K. W.
    [J]. PROCEEDINGS OF THE 20TH INTERNATIONAL SYMPOSIUM ON ADVANCEMENT OF CONSTRUCTION MANAGEMENT AND REAL ESTATE, 2017, : 521 - 530
12345