金融政策对房价波动的加速器效应研究  

Research on Accelerator Effect of Financial Policy on House Price Fluctuation

作　　者：卢慧芳 Lu Huifang

机构地区：[1]广东开放大学

出　　处：《价格理论与实践》2019年第3期109-112,共4页Price:Theory & Practice

基　　金：广东省教育厅重点平台及科研项目“新常态下农村剩余劳动力转移与城市就业矛盾解决途径研究”,编号:2017WTSCX149

摘　　要：本文基于金融加速器的视角,通过构建VAR模型分析相关金融政策对房价的影响机制。结果显示:无论从长期还是短期,我国信贷规模对房地产价格有明显的影响作用,并且存在即时性。从长期看,货币供应量对房价也会产生影响,但却是渐进式的;从短期来看,金融加速器通过货币供应量影响房价的效应不明显,货币供应量变化对信贷有单向传导效应,表明房价对货币和信贷政策的冲击影响存在循环连锁效应。Based on the perspective of financial accelerators, this paper analyzes the impact mechanism of relevant financial policies on housing prices by constructing VAR models. The results show that the scale of credit in China has a significant impact on real estate prices, both in the long-term and short-term, and there is immediacy. In the long run, the money supply will also have an impact on housing prices, but it is gradual;in the short run, the effect of financial accelerators on housing prices through money supply is not obvious, and the change in money supply has a one-way transmission effect on credit. It shows that there is a cyclical chain effect on the impact of housing prices on monetary and credit policies.

关 键 词：金融加速器 房地产价格 信贷规模 货币供给 

分 类 号：F832.0[经济管理—金融学] F299.23