Analysis on Effect of Financial Environment on Real Estate Price Based on ECM

被引：0
|
作者：
Zhao Huaping [1 ]
Yuan Baorong [2 ]
机构：
[1] Shanxi Univ Finance & Econ, Sch Management Sci & Engn, Taiyuan 030031, Shanxi, Peoples R China
[2] Reimin Univ China, Financial & Monetary Coll, Beijing 100872, Peoples R China
来源：
ADVANCES IN MANAGEMENT OF TECHNOLOGY, PT 1 | 2010年
基金：
中国国家自然科学基金;
关键词：
Financial Environment; Real Estate Price; Short-Term Effect; Long-Term Effect;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper, the author constructs multi-variables error correction model between housing sale price index and GDP, loan interest rate of five years, money supply, middle-term and long-term loan scale by quarterly data of Chinese real estate price index and some indexes in financial field from 2000 to 2010, and analyzes the effect of financial environment on real estate price. The results show that the effect of loan interest rate changing on real estate price is the most significant both in the short run and in the long run, that is to say, loan interest rate is the most effective instrument to controlling the fluctuation of real estate price. Therefore, government can control real estate price by decreasing the financial support for real estate industry when there exists real estate bubbles, especially by decreasing loan interest rate.
引用
收藏
页码：512 / +
页数：2
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