An Empirical Study on the Relationship Among Chinas Real Estate Prices, Money Supply, Bank Loans and Interest Rates
This article selects the monthly data of M2 supply, volume of bank credit,interest rates and the real estate prices between 2007 and 2010,uses the empirical methods of integration test,Granger causality test,VEC Model,impulse response function and variance decomposition,and gets: there are longtime equilibrium relations among money supply,bank credit,interest rates and real estate prices. The real estate prices are positively related with the money supply. In the short run,money supply has the greatest contribution to the changes of real estate prices,however,with the passage of time,the contribution becomes smaller and approaches stationarity. In the long run,bank credit and interest rates have more significant impacts on the changes of real estate prices. With the passage of time they become stationary.
Real estate prices Money supply Bank credit VECM test
WANG Shifen
School of Economics, Shanghai University, P.R. China, 200444
国际会议
The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)
大连
英文
678-685
2011-08-20（万方平台首次上网日期，不代表论文的发表时间）