我国货币政策对房地产价格影响的区域差异性研究

发布时间：2018-03-29 03:04

本文选题：货币政策　切入点：房地产价格　出处：《浙江大学》2017年硕士论文

【摘要】：货币政策作为宏观经济调控的重要手段之一,对资产价格特别是房地产价格具有重要影响。随着"城镇住房改革"的不断深化,我国开始了住房商品化与社会化的新历程。近年来,随着我国经济的高速发展,房地产市场的消费与投资日益增多,房地产价格也呈现大幅上涨。但由于房地产市场具有重资产和区域性的特点,使得不同区域的发展水平、产业结构、价格因素等方面存在较大的差异。因此,我国统一的货币政策是否对不同区域的房地产价格有差异性影响,引起了学者们的关注和热议。本研究希望从全国和省际层面对该问题进行研究,在探究货币政策对各区域房地产价格影响效果的同时,也为房地产市场的完善提供一定参考建议。本文首先梳理了货币政策对房地产价格区域异质性影响的国内外研究。在解释了货币政策工具和目标的相关概念后,梳理了货币政策的利率渠道、信贷渠道、资产价格渠道和投资者预期的传导机制。并将1998-2016年的货币政策分为四个阶段,分别阐述货币政策对我国房地产价格和各区域房地产价格的影响历程。然后,利用1999-2015年30个省份的数据,对货币政策的区域异质性进行面板模型检验和VAR模型检验,得到了货币政策对房地产价格存在区域异质性影响的结论。最后,本研究对各区域房地产市场的发展给出了相应建议。对于东部地区而言,除了利用限贷、限购的方式,抑制房价的过快上涨,还可以从供给端调控房地产价格,如土地购置费用、税收政策等等。而在中西部地区,政府应鼓励增设金融机构,扩大对房地产市场的信贷规模,为房地产开发企业提供有力支持。东北地区应积极进行产业结构调整,通过建设高新技术园区和经济特区来吸引人才和技术的流入,推动房地产市场的快速发展。
[Abstract]:Monetary policy as an important means of macroeconomic regulation and control, especially on the asset price has an important influence on real estate prices. With the deepening of urban housing reform, China began a new course of housing commercialization and socialization. In recent years, with the rapid development of China's economy, consumption and investment in real estate market increasingly, real estate prices are also showing a sharp rise. But because of the real estate market has the characteristics of heavy assets and regional, the level of development, different regional industrial structure, the price factor has big difference. Therefore, our country unified monetary policy and whether there are differences in different regions of the real effect real estate prices, aroused the attention of scholars and hot. This study is to study the problems facing from the national and provincial level, to explore the monetary policy of the regional real estate price impact effect At the same time, also to improve the real estate market to provide some reference suggestions. This paper reviews the domestic monetary policy on the real estate price regional heterogeneity influence research. Explained the concepts and objectives of monetary policy tools, combing the monetary policy interest rate channel, credit channel, the transmission mechanism of asset price channel and investors expected. And the 1998-2016 years of monetary policy is divided into four stages, separately elaborated the process effect of monetary policy on real estate price in China and the regional real estate prices. Then, using 1999-2015 years data of 30 provinces, the panel model test and VAR model to examine regional heterogeneity on monetary policy, get the effects of monetary policy exist regional heterogeneity on the real estate price conclusion. Finally, the research development of the regional real estate market gives the corresponding suggestions for the eastern region. In addition, the credit limit, the purchase way to curb the rapid rise in prices, but also can control the price of real estate from the supply side, such as land acquisition costs, tax policy and so on. In the central and western regions, the government should encourage the creation of financial institutions, the expansion of the real estate market credit scale, provide strong support for real estate development enterprises. The Northeast should actively adjust the industrial structure, flows to attract talent and technology through the construction of high-tech park and special economic zone, to promote the rapid development of the real estate market.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0;F299.23

【参考文献】