Empirical Analysis on Real Estate Financial Structure in China
This paper uses cointegrated VAR model for recursive estimation method, the structure of our real estate finance and real estate associated with economic growth is analyzed.The results showed that: real estate finance and real estate development equilibrium relationship between economic growth in 2003 Q4 to 2004 Q4 structural break occurred, and this is the real estate industry in 2002 after taking a series of economic and financial control measures the results.During the financial structure of real estate for real estate in the mutation negative effects of economic growth is balanced by short-term results of the impact of reform measures, the long term is positive, will not affect the long-term equilibrium.Cointegration error is the path that the real estate since 2006, still can not meet the financial structure of real estate some of the issues of economic growth, which means that further reform of financial system or real estate need to optimize the financial structure.China current real estate finance remains bank-based structure.Therefore, the future direction of real estate finance structure optimization is to achieve financial policies and financial instruments open to innovation.Weak exogeneity test shows that the domestic loans, the enterprise itself and the development of other sources of economic growth within the Born in the real estate, real estate caught three long-term economic growth, two-way causal relationship exists.The research method for analyzing the financial industry has some other reference value.
Real estate financial structure VAR Co-integration ecursive estimation
Hui Yang
College of Economics and Management Northeast Agriculture University Harbin,Heilongjiang,P.R.China,150030
国际会议
太原
英文
412-415
2011-02-26（万方平台首次上网日期，不代表论文的发表时间）