摘要
利用协整与误差修正模型对美国贷款利率与REITs的关系进行实证检验,结果显示,利率市场化前后,美国REITs与贷款利率存在长期协整关系;利率对REITs具有校正作用,且校正力度在利率市场化后更强。这意味着利率市场化会顺畅货币政策的传导机制,加强其对房地产融资市场的调控作用。因此,中国利率市场化改革将为REITs的推出提供现实基础。
By using the vector error correction model,we test the relationship between the interest rates and REITs in U. S. The results showed:( 1) In the process of the reform of the interest rate marketization,there is a cointegration relationship between REITs and mortgage rates in the United States;( 2) The interest rate has a correction effect on REITs,and the effect has been stronger after the marketization,which means the interest rate marketization will smooth the transmission mechanism of monetary policy,and strengthen its regulation function of real estate financing market. Therefore,the interest rate marketization reform in China will provide foundation for the launch of REITs.
出处
《金融经济学研究》
CSSCI
北大核心
2015年第3期24-33,共10页
Financial Economics Research
关键词
利率市场化
REITS
误差修正模型
interest rate marketization
REITs
vector error correction model
