我国货币政策的房地产价格传导机制

发布时间：2018-02-26 16:08

本文关键词： 货币政策房地产价格传导　出处：《云南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：自20世纪90年代以来，在不断深化的住房改革制度、居民收入水平持续提升及经济迅速发展的大环境下，我国的房地产行业实现了突飞猛进的发展，全国的房地产投资在固定资产投资中所占的比例持续增高，对各地经济的影响日趋明显。房地产市场的发展增加了我国货币政策的传导渠道和作用种类，可同时也复杂化了货币政策的传导机制，由此中央银行调控和实施的难度变得更大。因此，分析我国货币政策的房地产价格传导机制，提高货币政策传导效应的有效性，推进货币政策与房地产行业之间的良性互动，具有重要的研究意义。本文把我国货币政策的房地产价格传导机制作为研究对象，从理论和实证两个方面，分别分析了货币政策对房地产价格的影响及房地产价格变动对实体经济的影响，具有一定的理论和现实意义。这不仅在理论知识上丰富了我国货币政策的传导效应，同时也给我国房地产市场的繁荣发展、宏观经济的健康稳定提供了一些政策建议。在对我国货币政策的房地产价格传导机制的研究过程中，本文主要分为三大部分：首先是提出问题。说明了文章的研究背景和意义、中外相关的文献综述以及研究的思路与结构等，从而为下面的分析奠定基础。其次是分析问题。第一步是介绍了我国房地产市场的现状和存在的问题，，第二步对我国货币政策的房地产价格传导机制以及传导过程中的各环节进行理论剖析，即货币政策通过利率、汇率和资产价格等途径对房地产价格产生影响以及房地产价格通过消费支出和投资两个途径对实体经济的影响。第三步是在理论分析的基础上对传导过程中的各个环节进行实证分析，分别采用ADF单位根检验、协整检验和格兰杰检验方法进行深入分析。最后是解决问题。针对上述分析结果，提出了阻碍我国货币政策的房地产价格传导机制的因素以及相应解决的政策建议。
[Abstract]:Since 1990s, the real estate industry of our country has realized the rapid development under the environment of deepening housing reform system, the income level of residents and the rapid development of economy. The proportion of real estate investment in fixed assets is increasing, and the influence on local economy is becoming more and more obvious. The development of real estate market has increased the transmission channel and function of monetary policy in China. At the same time, it also complicates the transmission mechanism of monetary policy, which makes it more difficult for the central bank to regulate and implement. Therefore, the analysis of the real estate price transmission mechanism of monetary policy in China will improve the effectiveness of the transmission effect of monetary policy. It is of great significance to promote the benign interaction between monetary policy and real estate industry. In this paper, the real estate price transmission mechanism of monetary policy in China is taken as the object of study, both theoretically and empirically. This paper analyzes the influence of monetary policy on real estate price and real estate price change on real economy, which is of theoretical and practical significance, which not only enriches the transmission effect of monetary policy in our country, but also enriches the transmission effect of monetary policy in China. At the same time, it also provides some policy suggestions for the prosperity and development of the real estate market and the health and stability of the macro-economy. In the course of studying the real estate price transmission mechanism of monetary policy in China, this paper is divided into three main parts: first, it puts forward questions, and explains the background and significance of the research. The literature review and the ideas and structure of the research in China and foreign countries lay the foundation for the following analysis. The second is the analysis problem. The first step is to introduce the present situation and existing problems of the real estate market in our country. The second step is to analyze the real estate price transmission mechanism of monetary policy in our country and the various links in the transmission process, that is, monetary policy passes through interest rate. The influence of exchange rate and asset price on real estate price and the impact of real estate price on real economy through two ways of consumption expenditure and investment. The third step is the influence of real estate price on the transmission process on the basis of theoretical analysis. Through empirical analysis, The ADF unit root test, cointegration test and Granger test are used for further analysis. Finally, the problem is solved. The factors hindering the transmission mechanism of real estate price in China's monetary policy and the corresponding policy suggestions are put forward.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0;F299.23

【参考文献】