本文關(guān)鍵詞： 貨幣政策 房地產(chǎn)價格 傳導(dǎo)　出處：《云南財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自20世紀90年代以來，在不斷深化的住房改革制度、居民收入水平持續(xù)提升及經(jīng)濟迅速發(fā)展的大環(huán)境下，我國的房地產(chǎn)行業(yè)實現(xiàn)了突飛猛進的發(fā)展，全國的房地產(chǎn)投資在固定資產(chǎn)投資中所占的比例持續(xù)增高，對各地經(jīng)濟的影響日趨明顯。房地產(chǎn)市場的發(fā)展增加了我國貨幣政策的傳導(dǎo)渠道和作用種類，可同時也復(fù)雜化了貨幣政策的傳導(dǎo)機制，由此中央銀行調(diào)控和實施的難度變得更大。因此，分析我國貨幣政策的房地產(chǎn)價格傳導(dǎo)機制，提高貨幣政策傳導(dǎo)效應(yīng)的有效性，推進貨幣政策與房地產(chǎn)行業(yè)之間的良性互動，具有重要的研究意義。本文把我國貨幣政策的房地產(chǎn)價格傳導(dǎo)機制作為研究對象，從理論和實證兩個方面，分別分析了貨幣政策對房地產(chǎn)價格的影響及房地產(chǎn)價格變動對實體經(jīng)濟的影響，具有一定的理論和現(xiàn)實意義。這不僅在理論知識上豐富了我國貨幣政策的傳導(dǎo)效應(yīng)，同時也給我國房地產(chǎn)市場的繁榮發(fā)展、宏觀經(jīng)濟的健康穩(wěn)定提供了一些政策建議。 在對我國貨幣政策的房地產(chǎn)價格傳導(dǎo)機制的研究過程中，本文主要分為三大部分：首先是提出問題。說明了文章的研究背景和意義、中外相關(guān)的文獻綜述以及研究的思路與結(jié)構(gòu)等，從而為下面的分析奠定基礎(chǔ)。其次是分析問題。第一步是介紹了我國房地產(chǎn)市場的現(xiàn)狀和存在的問題，，第二步對我國貨幣政策的房地產(chǎn)價格傳導(dǎo)機制以及傳導(dǎo)過程中的各環(huán)節(jié)進行理論剖析，即貨幣政策通過利率、匯率和資產(chǎn)價格等途徑對房地產(chǎn)價格產(chǎn)生影響以及房地產(chǎn)價格通過消費支出和投資兩個途徑對實體經(jīng)濟的影響。第三步是在理論分析的基礎(chǔ)上對傳導(dǎo)過程中的各個環(huán)節(jié)進行實證分析，分別采用ADF單位根檢驗、協(xié)整檢驗和格蘭杰檢驗方法進行深入分析。最后是解決問題。針對上述分析結(jié)果，提出了阻礙我國貨幣政策的房地產(chǎn)價格傳導(dǎo)機制的因素以及相應(yīng)解決的政策建議。
[Abstract]:Since 1990s, the real estate industry of our country has realized the rapid development under the environment of deepening housing reform system, the income level of residents and the rapid development of economy. The proportion of real estate investment in fixed assets is increasing, and the influence on local economy is becoming more and more obvious. The development of real estate market has increased the transmission channel and function of monetary policy in China. At the same time, it also complicates the transmission mechanism of monetary policy, which makes it more difficult for the central bank to regulate and implement. Therefore, the analysis of the real estate price transmission mechanism of monetary policy in China will improve the effectiveness of the transmission effect of monetary policy. It is of great significance to promote the benign interaction between monetary policy and real estate industry. In this paper, the real estate price transmission mechanism of monetary policy in China is taken as the object of study, both theoretically and empirically. This paper analyzes the influence of monetary policy on real estate price and real estate price change on real economy, which is of theoretical and practical significance, which not only enriches the transmission effect of monetary policy in our country, but also enriches the transmission effect of monetary policy in China. At the same time, it also provides some policy suggestions for the prosperity and development of the real estate market and the health and stability of the macro-economy. In the course of studying the real estate price transmission mechanism of monetary policy in China, this paper is divided into three main parts: first, it puts forward questions, and explains the background and significance of the research. The literature review and the ideas and structure of the research in China and foreign countries lay the foundation for the following analysis. The second is the analysis problem. The first step is to introduce the present situation and existing problems of the real estate market in our country. The second step is to analyze the real estate price transmission mechanism of monetary policy in our country and the various links in the transmission process, that is, monetary policy passes through interest rate. The influence of exchange rate and asset price on real estate price and the impact of real estate price on real economy through two ways of consumption expenditure and investment. The third step is the influence of real estate price on the transmission process on the basis of theoretical analysis. Through empirical analysis, The ADF unit root test, cointegration test and Granger test are used for further analysis. Finally, the problem is solved. The factors hindering the transmission mechanism of real estate price in China's monetary policy and the corresponding policy suggestions are put forward.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F822.0;F299.23

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本文編號：1538712