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AN EMPIRICAL STUDY ON THE INTERACTION BETWEEN REAL ESTATE PRICES AND MACRO ECONOMY

CUI Guang-can(Business School of Shanghai Normal University,Shanghai 200234,China)  
With a panel data model analysis of a dataset covering China's 31 provinces from 1995 to 2006,we found that the real estate prices were significantly affected by China's interest rates and inflation rate,and fundamental macroeconomic variables such as supply of real estates and income determine the prices of real estates in the intermediate and long run.The prices of real estates evidently affected macroeconomic stability,rising real estate prices tended to raise total investment and total consumption,and investment in the real estate sector had significantly effects on total investment.Therefore,China should stabilize the real estate prices in order to stabilize its economy and promote economic growth.
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