Assessing the Role of Land Price and Interest Rate in Determining Chinas Housing Price
The new round of housing prices rise causes the peoples attention. This paper mainly discusses the effects of the land policy and monetary policy on housing price through studying the dynamic relationship between land price, the interest rate and the housing price. We construct the state space model and estimate the parameter with the help of kalman filtering. Empirical results show that land price always has a positive influence on housing price while the influence of interest rate on housing price is not significant. Finally we put forward some policy suggestions according to the results. For example, establishing the system of local governments finance and tax, reforming the interest rate decision mechanism, promoting the comprehensive reform real estate tax policy.
Land Price Interest Rates Housing Price SSM Model
ZHANG Suodi FAN Xinying
Shanxi University of Finance and Economics, Taiyuan, P.R. China, 030006 Shanxi University of Finance and Economics, Taiyuan, P.R. China, 030006 Business College of Shanxi U
国际会议
太原
英文
103-107
2012-07-03（万方平台首次上网日期，不代表论文的发表时间）