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《Journal of Fujian Administration Institute》 2018-03
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Empirical Analysis of Monetary Policy and Real Estate Price Fluctuation:Data from Fujian Province

CHEN Jian-hua;Business School,Fuzhou Vocational and Technical College;  
As an important financial product,the price fluctuation of real estate is closely related to monetary policy.Based on the logical relationship between the real estate market price and monetary policy,the influence of money circulation,money interest rate and inflation rate on the price fluctuation of Fujian real estate market is analyzed empirically.It is concluded that money supply has a more significant effect on the real estate price in Fujian than the interest rate;bank lending rates have a significant positive impact on real estate price;there is a bidirectional Granger cause between the loan interest rate and the real estate price in Fujian;the impact of inflation rate on real estate price is not significant,and inflation rate is not the cause of price fluctuations.Therefore,China should further control the basic money supply and money circulation,and speed up the process of marketization of interest rates;local governments should implement differentiated monetary policies to speed up the transformation and upgrading of the real estate industry.
【Fund】: 福建省教育厅2015年中青年教师教育科研项目(JAS151024)
【CateGory Index】: F299.23;F822.0
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