Research On The Influence Of Fiscal Policy On Housing Price Based On VAR Model

Real estate has a close relationship with the national economy,and plays the role of leading and pillar industries for a long time.China's real estate industry development foundation is weak,but its development speed is considerable.Especially in recent years,housing price presents an irrational rising trend,which has seriously hindered China's economic development speed.So it is very urgent and grim for our country to control the real estate market at the present stage.Firstly,Beijing,Tianjin and Hebei region are selected as the research object for the more targeted formulation of fiscal policy in China.And two aspects of the theoretical analysis of the transmission mechanism of the housing price by fiscal policy could draw a conclusion,and find the conclusion in the empirical analysis.Secondly,the fiscal policy of the whole country and three region is reviewed and analyzed.Thirdly,based on the actual situation of Beijing Tianjin Hebei real estate,the agent variables are selected.The Granger causality,mpulse response function among variables were analyzed by establishing VAR model.It is mainly innovated in three aspects.First,according to the current situation of China's real estate development,we choose Beijing,Tianjin and Hebei as the main research objectives,and make comparative analysis.The second is to use the Stata software to establish the VAR model of the impact of fiscal policy on the housing prices in Beijing,Tianjin and Hebei Province and to analyze it.The third is to analyze the effect of fiscal policy on housing prices in various regions,and to sum up the main influencing factors and propose regional differences for national fiscal policy.According to the empirical results,China's fiscal policy has the most significant impact on housing prices in Beijing.The impact of public financial expenditure on housing prices in Hebei and Beijing is more significant,and the impact on the price of commercial housing in Tianjin is basically invalid.The impact of fiscal and tax revenues on the price of commercial housing in Beijing Tianjin Hebei region is positive.The most notable effect is Beijing area,followed by Hebei Province,and Tianjin area again.