内生货币体系下房价波动对货币供求的冲击  

THE IMPACT OF REAL ESTATE PRICE FLUCTUATION ON MONEY SUPPLY AND DEMAND UNDER ENDOGENOUS MONETARY SYSTEM

作　　者：丁晨[1] 屠梅曾[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《经济理论与经济管理》2008年第1期43-49,共7页Economic Theory and Business Management

基　　金：国家社会科学基金项目(05CJY015)

摘　　要：在内生货币体系下,房价上涨导致我国内生货币扩张的途径主要有两条:一是基于房地产抵押信贷需求膨胀引致的商业银行内生货币供给的扩张;二是被房价持续上涨及人民币升值预期所吸引的外汇流入导致央行大量基础货币的被动投放。这样会对货币供应量目标有效性带来影响。因此应将房地产市场监测数据列入当前货币供应量调控的参照指标。Under endogenous monetary system, there exist two ways of endogenous money expansion resulted from real estate price fluctuation. One is the increment of credit demand based on real estate mortgage leading to commercial banks increasing endogenous money supply. The other is inflow of foreign currency attracted by the continuous rise of house prices and expectation of RMB appreciation resulting in central bank passive releasing a large amount of base money. Such can influence the validity of monetary intermediate target. So the monitoring data of real estate market should be ranked the reference indicators currently.

关 键 词：房地产价格 货币供求 内生货币 

分 类 号：F293.3[经济管理—国民经济] F822