Impact of international capital flows on real estate market: The empirical test in China from 1998 to 2006

被引：5
|
作者：
Song Bo [1 ]
Gao Bo [1 ]
机构：
[1] Nanjing Univ, Dept Econ, Nanjing 210093, Peoples R China
来源：
FRONTIERS OF ECONOMICS IN CHINA | 2007年 / 2卷 / 04期
关键词：
inflation; international capital flows; real estate prices;
D O I：
10.1007/s11459-007-0027-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Taking the inflation into consideration and making use of the quarter data of the actual foreign investment, housing and land prices in China from 1998 to 2006, this paper examines the relationship between housing prices and international capital flows using Error Correction Model (ECM) and Granger causality test. Results show that in the short run, the increase of housing prices attracts the inflow of foreign capitals; in the long run, foreign capitals help to boost the rise of housing prices. Therefore, at present, Chinese government must impose effective restrictions on the flow of foreign capital into the real estate market.
引用
收藏
页码：520 / 531
页数：12
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