利率变动与区域房地产价格相互影响的比较研究

Interest rate change and districtreal estate price relative influence's comparative research

利率作为宏观调控的重要手段之一,其变动对房地产价格的调节作用是否有效一直是学术界研究的热点。近年来,利率变动对房地产市场影响的区域差异性引起了中外学者的关注。本文在梳理国内外相关研究成果的基础上,分别从利率变动与整体房地产价格相互影响以及不同区域房地产价格对利率反应的敏感度差异进行比较,旨在阐明利率政策与房地产价格的相互作用,探讨未来的研究方向。本文简要结论如下:利率对房地产价格呈负向影响;房地产价格对利率是否具有反向传导效用存在争议;不同区域房地产价格对同一利率反应的敏感程度具有差异。

As one of the important measures to adjust the economy macroscopically,the topic on whether the interest rate has influence on the housing price in the condition of non-market has become hot in the academe.Besides this,the difference between the housing price of different regions which is caused by interest rate adjusting also needs to be concerned.Based on the related domestic and international research,this article analyses the relationship between the change of interest rate and the housing price and also compares the sensitivity to the same interest rate caused by housing price in different regions,which aims at illuminating the interaction between the change of interest rate and the housing price.As to the summary,generally speaking,the interest rate has a negative impact on the housing price.However,it differs between interest rate market countries and non-interest rate market countries.It still needs more discussion on whether the housing price has a side effect on the interest rate.Apart from these,the sensitivity to the same interest rate caused by housing price is different in different regions.