银行加息对抑制投资过热的有效性分析  

The bank increases the interest to suppressing the validity analysis overheated in investment

作　　者：易宪容[1] 

机构地区：[1]中国社会科学院金融研究所,北京100732

出　　处：《财经理论与实践》2004年第4期2-5,共4页The Theory and Practice of Finance and Economics

摘　　要：中国投资过热的源头是高速增长的房地产投资产业 ,房地产的投资过热拉动了钢铁、水泥、电解铝等下游行业的迅速扩张 ,从而形成了我国固定资产投资的整体过热趋势。传统的中央银行的信贷收缩货币政策无法从根源上解决投资过热问题。有效遏制投资快速增长应该有新思维 :严格房地产行业的市场准入条件与规则 ,从源头上减少房地产市场的有效需求 ,同时抑制政府自身的投资冲动 。It is the high increase of investment in the real estate industry that leads to the currently overheated investment activity in China. Heavy investment in the real estate industry has stimulated the fast expansion of downstream industries, such as steel, cement, electrolytic aluminium industries, etc., the expansion of investment in these industries then stimulates a further expansion of investment in their downstream areas, thus the whole overheated trend of investment in fixed assets is formed. The traditional method to solve this investment problem that the Central Bank may use is to shrink loan scale, but this kind of monetary policy seems not always workable to solve the problem from its very origin. This paper provides some new considerations to limit the overheated increase of investment: to rigorously regulate the market entry of real estate industry and enhance the threshold, to reduce the effective demand of the real estate market, to suppress the government's own investment impulsion, to control the supply of the land strictly.

关 键 词：中国 投资 房地产投资 货币政策 有效需求 

分 类 号：F299.233[经济管理—国民经济] F832.48