| 信贷约束对住宅市场的影响效应——基于动态面板模型的研究 |
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| 引用本文： | 李勇刚,高波. 信贷约束对住宅市场的影响效应——基于动态面板模型的研究[J]. 中南财经政法大学学报, 2012, 0(2): 93-99,144 |
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| 作者姓名： | 李勇刚 高波 |
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| 作者单位： | 南京大学经济学院,江苏南京,210093 |
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| 基金项目： | 教育部哲学社会科学研究重大课题攻关项目“我国城市住房制度改革研究”(10JZD0025);国家社会科学基金重点项目“扩大内需与引导住房理性消费的宏观经济政策研究”(08AJY010) |
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| 摘 要： | 本文通过构建消费者—开发商两部门的房地产市场局部均衡模型,研究信贷约束对住宅市场的影响效应。本文利用1999～2009年中国35个大中城市的面板数据,采用动态面板GMM估计方法考察银行信贷对住宅消费和住宅价格的影响。实证结果显示:银行信贷对房地产价格产生显著的正向影响,表明信贷约束是当前房价增幅下降的重要因素之一;个人住房贷款和房地产开发贷款对房价的正向影响效应存在差异,前者的作用小于后者;个人住房贷款对居民住宅消费产生显著的正向影响,是影响居民住宅消费的最重要因素。
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| 关 键 词： | 信贷约束 住宅市场 个人住房贷款 房地产开发贷款 |
The Effect of Credit Constraints on Housing Market Based on Dynamic Panel Model |
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| LI Yonggang,GAO Bo. The Effect of Credit Constraints on Housing Market Based on Dynamic Panel Model[J]. Journal of Zhongnan University of Finance and Economics, 2012, 0(2): 93-99,144 |
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| Authors: | LI Yonggang GAO Bo |
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| Affiliation: | (School of Economics,Nanjing University,Nanjing 210093,China) |
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| Abstract: | By building the model of the real estate market equilibrium,this paper studies the effect of the bank credit on the housing market.Using the panel data of China′s 35 large and medium-sized cities from 1999 to 2009,and with the method of dynamic panel GMM,the paper studies the effect of credit Constraints on housing market.The results show that:(1) Bank credit has a significant positive affection on housing price.(2)The individual housing loans has a smaller influence on the housing price than the real estate development loans.(3) The individual housing loans has a significantly positive affection on the housing consumption,and it is the most important factors which influence on the housing consumption. |
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| Keywords: | Credit Constraints Real Estate Market Individual Housing Loans Real Estate Development Loans |
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