摘要
房地产业是资金密集型产业,它的供给与需求很大程度上由信用扩张程度来决定。而信用扩张的合理边界作为货币政策的目标,决定了房地产的繁荣程度与价格水平的高低。因此,货币政策对房价具有重要的影响。但是,由于所有的金融交易都存在着内在与外在的不稳定,这就需要一系列的金融制度安排来保证信用扩张边界的合理性。同样,由于金融制度不完全性、效应的滞后性及利益的渗透性,金融交易制度安排的缺陷可能成为房地产价格波动的制度性根源。由此,本文从货币政策的制度因素来讨论与研究信用扩张过度与房价的波动关系,并希望从中寻求对房价波动更为一般性的解释。
The real estate industry is a capital-intensive industry whose supply and demand is decided by the level of credit expansion.As a goal of monetary policy,reasonable credit expansion determines the real estate's prosperity and the price level.Therefore,the monetary policy has a significant impact on real estate prices.However,because of the inherent and external instability of all the financial transactions,a series of arrangements for the financial system are required to ensure that credit expansion on a reasonable boundary.Similarly,as a result of incomplete financial system, the lag effect and the permeability of the interests,the flaw of the financial transaction arrangements could be the institutional source of the real estate price fluctuations.This paper discusses the relationship between excessive credit expansion and real estate price fluctuations from the factor of monetary policy,and hopes to find a more general explanation of real estate price fluctuations.
出处
《财贸经济》
CSSCI
北大核心
2009年第8期5-14,共10页
Finance & Trade Economics
关键词
金融制度
信用扩张边界
货币政策
房地产价格波动
Credit Expansion
Boundary of Credit Expansion
Monetary Policy
Real Estate Price Fluctuation
