China's Commercial Bank Credit The Dynamic Relationship With Real Estate Prices

Real estate prices rise and commercial bank credit of the complicated relationship between the property boom, in many times in all show incisively and vividly. Commercial bank credit and real estate prices relationship is not just China's problem, but also today increasingly globalized countries face common problems.Review of domestic and foreign scholars with real estate prices of commercial bank credit research achievements, most scholars are sure of commercial bank credit expansion with real estate prices have direct links, they demonstrated from different Angle of commercial bank credit and the relationship between the real estate price, but from the dynamic Angle to study with real estate prices of commercial bank credit is relatively limited the relationship between literature. This paper from the commercial bank credit and the dynamic relationship between real estate prices Angle spread research.This research aims from theoretical and empirical analysis of the two angles of commercial bank credit behavior and real estate prices, study the relationship of commercial bank credit and real estate market price and the relationship between the inner conduction mechanism, and summarize the relevant countries' experiences and lessons. For us to understand the formation mechanism of real estate market price, thus take relevant measures to guard against and dissolve overheating property market prices has an important significance.This article from the commercial bank credit and the relationship between the real estate price on theoretical analysis, argument with real estate prices of commercial bank credit and the relationship between the mechanism of the effect. This paper were selected and monthly data annual data, the empirical analysis of the long-term research between indicators co-integration, granger causality and the short-term fluctuations. Judging from the analysis result, granger causality test results prove the commercial bank credit and real estate prices causal relationship between the one-way, namely, commercial bank credit is real estate prices reasons. Vector error correction model, the empirical analysis indicates that, financial institutions and foreign currency loan growth index of home sales of 70 cities the growth rate of price index, and declination of theoretical analysis of the above are the same. Through the impulse response function empirical analysis results of home sales price growth, according to the positive impact will lead to financial institutions and foreign currency loan growth increases, and positive theoretical and empirical facts are consistent. The acceleration of home sales price increases will lead to real estate supply increase and speculative demand increases, commercial bank credit can cause increased demand. Meanwhile, financial institutions and foreign currency loan growth in the short term the positive impact of home sales price growth leads to positive changes.