我国房地产价格高涨的原因研究--信贷渠道视角下的解释

A Study on the Reasons of Rising Real Estate Prices in China——An Interpretation from Credit Channel's perspective

本文从金融信贷的角度出发,把房地产作为一种资产,研究了我国房地产市场价格高涨的原因。通过理论模型得出资产价格高涨的根本原因在于央行信贷的大量投放,房地产价格通过信贷渠道被推向更高。同时,结合我国的实际背景,采用SVAR模型对我国房地产价格波动与货币政策传导进行了实证检验,实证结果证实了理论预期,即房地产价格对银行信贷冲击的反映速度较快,在房地产价格作为货币政策传导渠道的作用中,以数量机制为主导的调控体系较之价格机制为主导的调控体系更加有效。

From the perspective of credit and finance, we take real estate as an asset. Through the study of the reasons in the high price of real estate ,we show the root cause of rising asset prices is the central bank＇s credit. Based on the actual background of our country ,we use the SVAR model on our real estate price fluctuations and credit and monetary policy transmission channel aspects of the quantitative analysis, The empirical results confirm our theoretical expectations, real estate prices quickly reflect the impact of bank credit, the control system of system-oriented number is more effective than the control system of price mechanism from the prices of Real estate in monetary policy transmission channels.