国际资本流动对房地产价格的影响——基于中国的实证检验:1998-2006 |
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摘 要: |
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Impact of international capital flows on real estate market: The empirical test in China from 1998 to 2006 |
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Authors: | Bo Song Bo Gao |
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Institution: | (1) Department of Economics, Nanjing University, Nanjing, 210093, China |
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Abstract: | Taking the inflation into consideration and making use of the quarter data of the actual foreign investment, housing and land
prices in China from 1998 to 2006, this paper examines the relationship between housing prices and international capital flows
using Error Correction Model (ECM) and Granger causality test. Results show that in the short run, the increase of housing
prices attracts the inflow of foreign capitals; in the long run, foreign capitals help to boost the rise of housing prices.
Therefore, at present, Chinese government must impose effective restrictions on the flow of foreign capital into the real
estate market.
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Translated from Caijing Wenti Yanjiu 财经问题研究 (Research on Financial and Economic Issues), 2007, (3): 55–61 |
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Keywords: | inflation international capital flows real estate prices |
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