我国货币政策对房地产价格调控的省际差异化效应分析  

The Inter- Provincial Difference Effect of Monetary Policy Controls on the Real Estate Market

作　　者：冯雷[1] 马谌宸 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《西安交通大学学报（社会科学版）》2016年第4期30-36,共7页Journal of Xi'an Jiaotong University：Social Sciences

摘　　要：基于中国货币政策对各地区房地产价格调控的异质性理论分析,通过构建面板模型和时间序列模型,采用省际季度数据进行了实证分析。结果表明:中国货币政策对房地产价格调控存在省际差异化效应,在金融发展水平较高的地区,房地产价格与货币政策调控呈现显著的负相关关系,而在经济开放度较高的地区,房地产市场价格受货币政策调控影响较为显著且两者呈现正相关关系。为此,建议从地区禀赋、财税协同和提高开放度三个方面来提高中国货币政策调控房地产价格的有效性。The regulation effect of monetary policy on real estate price caused by the step pattern of economic develop-ment in China leads to the inter -provincial difference effect.By construction of panel data model and time series mod-el,on the basis of the inter -provincial seasonal data,this thesis makes an empirical analysis of the dynamic relation-ship between China monetary policy and real estate market price.The results show that the inter -provincial difference effect exists because of China monetary policy controls on the real estate market prices.In the higher level of financial development areas,the real estate prices and monetary policy regulation have significantly negative correlation,and in the areas of higher regional economic openness,the real estate market price is significantly influenced by monetary policy regulation and both present positive correlation.The results provide empirical support and basis for the further improve-ment of the effectiveness of monetary policy to regulate and control the real estate market prices.

关 键 词：货币政策 房地产市场 省际差异化 金融发展水平 经济开放度 

分 类 号：F820.1[经济管理—财政学]