我国房地产市场货币政策信贷传导机制有效性检验  

The Efficiency of the Housing Credit Channel of Monetary Policy Transmission

作　　者：孟彩云[1] 李权 

机构地区：[1]暨南大学,广东广州510623 [2]广东发展银行,广东广州528000

出　　处：《区域金融研究》2012年第4期39-45,共7页Journal of Regional Financial Research

摘　　要：基于2000~2010年我国宏观季度经济数据,构建了3个VAR模型,实证检验了房地产市场货币政策信贷传导机制有效性。实证结果表明,在信贷渠道传导过程中,提高利率对控制商业银行在整个国民经济中贷款供给是有效的,但对抑制商业银行在房地产市场的贷款供给效果不明显。提高贷款利率,抑制了房地产开发企业从银行的直接融资,但无法有效阻止房地产开发企业以个人住宅按揭贷款等途径,从银行间接获取更多贷款。The paper analyzes the effectiveness of the housing credit channel of monetary policy transmission, setting up three YAR models, based on 2000 to 2010 quarterly data. The results show that during the transmission process, increasing the interest rate is efficient to control the bank credit supply, but is inefficient to curb the credit supply of the housing market, for it can not stop the housing development firms from obtaining the credit indirectly through receiving personal mortgage credit.

关 键 词：货币政策信贷传导机制 房地产市场 VAR模型 

分 类 号：F830.572[经济管理—金融学]