NDLI: Monetary policy, foreign speculative funds and house prices in an open economy: Empirical evidences from China

Content Provider	IEEE Xplore Digital Library
Author	Feng Lei Zheng Lin-zi
Copyright Year	2010
Description	Author affiliation: Department of Land and Real Estate Management, School of Public Administration, Renmin University of China, P.R. China, 100872 (Feng Lei; Zheng Lin-zi)
Abstract	The escalating housing price crisis and financial deficiencies in recent years made the government to reflect on how and to what extent that money supply affects the housing market in China. This paper analyzes the relationship among monetary policy, foreign speculative funds, and house prices in China, using monthly data from January 2003 through December 2009. A VAR system procedure is employed by following Lastrapes(2002) within the Keynesian economy framework. The conclusions are as follows. (1) Foreign speculative funds is one of the most fundamental causes of the price volatility in China's housing market. (2) In the short term real interest rate granger causes housing price fluctuation. (3) Shocks from money supply have a significant contribution to the price volatility in China's housing market after year 2003.
Starting Page	1646
Ending Page	1651
File Size	102068
Page Count	6
File Format	PDF
ISBN	9781424481163
ISSN	21551855
e-ISBN	9781424481194
DOI	10.1109/ICMSE.2010.5720003
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-11-24
Publisher Place	Australia
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Technological innovation Analytical models Economic indicators Electric shock Biological system modeling VAR model Stock markets house prices monetary policy foreign speculative funds
Content Type	Text
Resource Type	Article

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