| "热钱"对我国资产价格影响的实证研究 |
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| 引用本文： | 邓永亮."热钱"对我国资产价格影响的实证研究[J].当代经济科学,2010,32(4). |
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| 作者姓名： | 邓永亮 |
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| 作者单位： | 南开大学经济学院,天津,300071 |
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| 基金项目： | 国家社会科学基金项目“完善国家宏观调控体系与保持经济平衡较快发展”(项目批准号:06&ZD028) |
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| 摘 要： | 按通常研究思路,要研究热钱对资产价格的影响,首先要计算热钱数量。但是要较为准确地计算出热钱数量绝非易事。抓住我国外汇管理制度特点和热钱的逐利性这两点能巧妙地绕过计算热钱数量这一难题。通过对2002年1月至2009年9月的月度统计数据进行实证检验发现,流入我国境内的热钱主要是流入了房市而不是股市,并推动了房价的上涨;房价的上涨会进一步吸引热钱流入。
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| 关 键 词： | "热钱" 外汇储备 基础货币 股价 房价 |
An Empirical Study on the Influence of Hot Honey on China's Asset Prices |
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| DENG Yong-liang.An Empirical Study on the Influence of Hot Honey on China's Asset Prices[J].Modern Economic Science,2010,32(4). |
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| Authors: | DENG Yong-liang |
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| Institution: | DENG Yong-liang (School of Economics,Nankai University,Tianjin 300071,China) |
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| Abstract: | According to established research methodology,the first step to study the influence of the hot moneyon asset prices is to calculate the amount of hot money.However,doing so is not at all an easy job.Then we use the characteristics of China's foreign exchange administration and hot money to bypass this problem.Based on the monthly statistics through 2002.1-2009.9,we can come into conclusion that the hot money flows into real estate rather than equity market and thus promoting the housing prices. |
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| Keywords: | Hot money Foreign exchange reserves Money base Stock price Housing price |
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