| 货币政策工具对房地产业投资影响的比较分析——基于协整理论与VECM的实证研究 |
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| 引用本文： | 岳意定,王振,周彬文.货币政策工具对房地产业投资影响的比较分析——基于协整理论与VECM的实证研究[J].山东工商学院学报,2007,21(5):62-67. |
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| 作者姓名： | 岳意定 王振 周彬文 |
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| 作者单位： | 中南大学,商学院,长沙,410083 |
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| 摘 要： | 根据协整理论建立了向量误差修正模型(VECM),通过格兰杰因果关系检验就货币政策各工具对房地产业投资的影响进行了实证分析。结果表明,货币政策各工具与房地产业投资存在长期均衡关系:银行对房地产业投资的贷款及货币供给可对房地产业投资起到较好的调控效果,但利率发挥的作用不大。
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| 关 键 词： | 房地产投资 货币政策 协整分析 VECM |
| 文章编号： | 1672-5956（2007）05-0062-06 |
| 收稿时间： | 2006-12-10 |
Comparison Analysis on the Influence of Monetary Policy Tools on the Investment of Real Estate: Based on the Co-integration Theory & VECM |
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| YUE Yi-ding,WANG Zhen,ZHOU Bin-wen.Comparison Analysis on the Influence of Monetary Policy Tools on the Investment of Real Estate: Based on the Co-integration Theory & VECM[J].Journal of Shandong Institute of Business and Technology,2007,21(5):62-67. |
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| Authors: | YUE Yi-ding WANG Zhen ZHOU Bin-wen |
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| Institution: | School of Business, Central South University, Changsha 410083, China |
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| Abstract: | Based on the co-integration theory,the paper built Vector Error Correction Model(VECM) and did the Granger's Causality Test,and gave the empirical analysis of the effect of monetary policy tools on the real estate investment.The results are as follows: monetary policy tools have a long-term balanced relationship with real estate investment;bank loan amount to real estate and money supply have good control effect,but the function of the rate is not so good. |
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| Keywords: | real estate investment monetary policy co-integration analysis VECM |
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