房地产市场金融政策调控路径研究

The Research on Control path of Financial Policy in Real Estate Market

近年来,我国房地产价格不断攀升,积累了相当大的价格泡沫,房地产已是防范金融风险的一个重要方面。为了更加合理地调控房价,本文从理论上分析了央行使用金融政策工具调控房地产市场的利率和信贷传导渠道。随后,基于金融政策传导的不同路径建立SVAR模型,分析金融政策传导的通畅性以及对房价、GDP的影响效果,并给出相应的对策建议。

In recent years,the price of real estate in China has been rising constantly and accumulated considerable price bubbles.The real estate has become an important aspect of preventing financial risks.In order to regulate housing prices efficiently,this paper analyzes interest rates and credit transmission channels of central bank's use of financial policy tools to regulate real estate market.Then,Established SVAR model based on different paths of financial policy transmission,analyzed the patency of financial policies and the effect on house prices and GDP,and gave corresponding countermeasures and suggestions.