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《Economic Research Journal》 2007-08
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Empirical Analysis on Real Estate Price Fluctuation in Different Provinces of China

Liang Yunfang and Gao Tiemei(Dongbei University of Finance and Economics)  
In this paper, we found the real estate prices in different regions have the same trend, but their growth rates are different through comparing typical provinces' real estate price. According to the economic developing situation, we divided 28 provinces into three regions——eastern, middle and western. We dynamically analyzed the factors, which determined real estate price fluctuation, based on error correction model and panel data model. In these models, we considered the impact of monetary policy on house price specially. The conclusions are as follows: firstly, to the long-term trend and short-term fluctuation of house piece, the effects of credit policy in eastern region and western region are stronger, and middle region's is weaker. So we think the credit policy is effective to control eastern and western region's house price. Secondly, the effects of interest rate policy have no distinct difference in all regions. Thirdly, in middle region, the development of real estate market is more dependent on its economic conditions. Fourthly, anticipating variable of real estate prices only has a remarkable effect in eastern region.
【Fund】: 国家社科基金项目的资助 项目号:05BJY013;; 国家自然科学基金项目的资助 项目号:70673009。
【CateGory Index】: F293.3;F224
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