| 从紧的货币政策对房地产行业投资的影响分析——基于存款准备金率、利率的调控分析 |
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| 引用本文： | 杨兆廷,庞如超.从紧的货币政策对房地产行业投资的影响分析——基于存款准备金率、利率的调控分析[J].上海金融学院学报,2009(1):49-54. |
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| 作者姓名： | 杨兆廷 庞如超 |
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| 作者单位： | 河北经贸大学金融学院,河北石家庄,050061 |
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| 摘 要： | 本文利用2006—2008年我国房地产行业的投资数据，分析了从紧货币政策对房地产行业投资的影响。结果显示利率调整抑制了房地产行业的投资，而上调存款准备金率没有影响房地产行业投资的增长，与预期的结果相反。主要原因是2007以来的通货膨胀冲销了利率调控效应，紧缩的货币政策使金融机构减少了个人的贷款而不是企业贷款，另外流动性过剩推动了房地产开发投资的过快增长。当前，应强化房地产信贷风险的管理，进一步理顺货币政策的传导机制，加强宏观调控作用，使我国房地产市场健康、持续发展。
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| 关 键 词： | 货币政策 房地产投资 利率 存款准备金率 |
Analysis of Constrictive Monetary Policy on Investment of Real Estate——From the Perspective of Regulation of Deposit Reserve Rate and Interest Rate |
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| Yang Zhaoting,Pang Ruchao.Analysis of Constrictive Monetary Policy on Investment of Real Estate——From the Perspective of Regulation of Deposit Reserve Rate and Interest Rate[J].Journal of Shanhai Finance University,2009(1):49-54. |
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| Authors: | Yang Zhaoting Pang Ruchao |
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| Institution: | Yang Zhaoting, Pang Ruchao |
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| Abstract: | On basis of statistics from 2006 to 2008, the article analyses the impact of constrictive monetary policy on investment of real estate. The result indicates that regulation of interest rate prevents the growth of investment of real estate while regulation of deposit reserve rate doesn't, which is unexpected. Reasons mainly are the followings: inflation since 2007 has offset the effect of regulation of interest rate; constrictive monetary policy makes financial institutes decrease the amount of personal loan... |
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| Keywords: | monetary policy investment of real estate interest rate deposit reserve rate |
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