利率与房价关系的认识

在构建利率与房价的理论分析框架的基础上,结合我国房地产市场的实际情况,从实证角度分析了我国利率变动与房价波动之间的关系。结果表明:持续低利率在一定程度上可以作为解释我国房价上涨的真实原因,但我国房价对利率的敏感程度较小,而由于持续低利率引起的投机因素对我国房价上涨过快的影响则不容忽视。

Relationship between Interest Rate and Real Estate Price

Based on the theoretical analysis of interest rate and real estate price, and the factual situations of Chinese real estate market, the paper empirically analyses the relationship between interest rate change and real estate fluctuation. The result shows that, to a certain extent, continuous low interest rate can explain the rising of Chinese real estate price, but its explanation power is weak. At the same time, the speculation factor resulting from continuous low interest rate is an important factor that should be pay attention to.