An Empirical Analysis on Correlations Between RMB Appreciation, Capital flows and Housing Price

摘要：

By establishing EGARCH model, the paper first gets the measure of the RMB exchange rate fluctuation, then adopts the methods of co-integration test. Granger Causality to study the effectiveness of the fluctuation of RMB Exchange Rate and capital flows. The results show that the RMB appreciations has a positive effect on the housing price and is the Granger Causality of the housing price; the enlargement of the RMB exchange rate fluctuation does control the rise in housing prices; the international capital which flows into the real estate market also is the cause of the rising housing price. Therefore, making the RMB appreciation and the inflow of foreign capital under control and then expanding the fluctuation of exchange rate properly are favorable to keep Chinas housing price stability.

关键词： RMB appreciation the RMB exchange rate fluctuation capital flows housing price

作者: Shaomei Fang Xianghong Hu Guanjia Huang Shuhua Wu Jian Xian

作者单位: The College of Science, South China Agricultural University, Guangzhou, Guangdong, China

会议类型: 国际会议

会议名称: 2011 International Conference on Economic and Information Management(2011年经济与信息管理国际会议 ICEIM 2011)

会议地点: 北京

会议语种:英文

页码: 209-212

在线出版日期: 2011-09-03（万方平台首次上网日期，不代表论文的发表时间）