摘要
本文通过对中国1985～2005年金融资产和房地产投资的年度数据进行协整和Granger因果关系检验,发现以金融资产为指标的金融市场和房地产投资之间存在长期和短期的均衡关系及单向因果关系,即金融资产的增加极大地促进了房地产投资总额的增加。
This paper presents co-integration analy-sis and Granger causality test based on yearly data of the financial assets and real estate investment from 1985 to 2005 in China. We find that there exists long and short dynamic equilibrium relation and one -way Granger causality between the real estate investment and the financial market using the financial assets as an indicator,that is the increasing of financial as-sets advances the increasing of the real estate invest-ment to a large extent.
出处
《特区经济》
北大核心
2008年第10期261-262,共2页
Special Zone Economy
关键词
金融市场
房地产投资
协整分析
GRANGER检验
financial market
real estate investment
co-integration analysis
Granger causality test
