摘要
现代房地产具有虚拟资产特征。对房地产泡沫的虚拟经济决定论的实证检验包括:房地产价格与货币政策、利率政策、信贷波动及股价各自之间的相关检验。结果发现,货币供应量、利率等虚拟经济变量对房地产价格都存在显著的影响。整体而言,来自中国的实证分析初步支持了房地产泡沫的货币推动假说,房地产泡沫是一种货币现象的判断。
Modern real estate shows the features of vertual assets. The empirical tests on the real estate bubble of fictitious economic determinism include real estate prices and monetary policy, interest rate policy, credit and price fluctuations. Results show that the money supply, interest rates and other virtual economic variables have significant impact on real estate price. Overall, the empirical analysis from China initially supports the hypothesis of monetary promotion of the real estate bubble. Real estate bubble is a judgement of monetary phenomenon.
出处
《财贸研究》
CSSCI
北大核心
2008年第3期1-7,共7页
Finance and Trade Research
基金
国家社会科学基金“房地产泡沫研究:基于实体经济和虚拟经济的二元结构分析框架”(07BJY057)
教育部人文社会科学规划项目“游资冲击与房地产泡沫研究”(06JA790096)
关键词
房地产泡沫
虚拟经济
货币供应量
利率
real estate bubbles
fictitious economic
money supply
interest rate
