| Since China abandon the entity housing distribution and implement the commercialization of housing reform policy in 1998,the real estate market has been developed rapidly,due to the faultiness of the development of China's financial industry,a large amount of money to maintain the development of the real estate market come from banks.The banking industry play a decisive role in the real estate industry development process,at the same time,a large number of banking funds focused on real estate development buried a lot of security risks for the banking industry.This paper firstly discussed the relationship between the real estate price and bank credit theoretically,expounds the development situation and characteristics of the real estate market and the real estate credit market.Based on Carey model and its extended form and the theory of supply and demand,this paper select relevant data of the country and different regions to carry on the empirical analysis,respectively by using the error correction model,impulse response function and panel data model to make empirical test of the short term and long term relationships between real estate price and bank credit and the regional real estate price.The empirical analysis results between national real estate prices and bank credit show that there is a two-way causal relationship between real estate price and bank credit,the rise in real estate prices will promote the expansion of bank credit,bank credit expansion will lead to higher real estate prices,gross domestic product,the housing construction cost and real estate prices are positively correlated,the number of real estate development enterprises and real estate prices is negatively correlated;in different regions of China,the research of real estate prices and bank credit shows that,in eastern and western regions the bank credit have positive effect to the real estate price,while the central region is negative,the results show that the credit of bank have different effect on prosperity of different region real estate market,implement different regional monetary policy for the real estate market will have more ideal control effect.Finally,on the basis of theoretical research and empirical research,the paper put forward some feasible suggestions to promote the healthy development of the real estate market and banking in china. |
