کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
976177 933093 2012 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of monetary policy on real estate price growth in China
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The effect of monetary policy on real estate price growth in China
چکیده انگلیسی

Using quarterly data from 1998:Q1 to 2009:Q4 and monthly data from July 2005 to February 2010, this paper examines the impact of key monetary policy variables, including long-term benchmark bank loan rate, money supply growth, and mortgage credit policy indicator, on the real estate price growth dynamics in China. Empirical results consistently demonstrate that expansionary monetary policy tends to accelerate the subsequent home price growth, while restrictive monetary policy tends to decelerate the subsequent home price growth. These results suggest that Chinese monetary policy actions are the key driving forces behind the change of real estate price growth in China. We also show that hot money flow does not have a significant impact on the change of home price growth after controlling for the money supply growth. Finally, a bullish stock market tends to accelerate subsequent home price growth.


► We examine the impact of key monetary policy variables on the real estate price growth dynamics in China.
► Expansionary monetary policy tends to accelerate subsequent home price growth.
► Restrictive monetary policy tends to decelerate subsequent home price growth.
► Hot money flow does not have significant impact on the change of home price growth after controlling for the money supply growth.
► A bullish stock market tends to accelerate subsequent home price growth.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 20, Issue 1, January 2012, Pages 62–77
نویسندگان
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