负利率对房地产市场扩张效应研究

统计研究 ›› 2009, Vol. 26 ›› Issue (1): 64-70.

负利率对房地产市场扩张效应研究

乔海曙陈志强

收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2009-01-15 发布日期:2009-01-15

Research on the Expansion Effect of Negative Interest Rate to Real Estate Market

Qiao Haishu & Chen Zhiqiang

Received:1900-01-01 Revised:1900-01-01 Online:2009-01-15 Published:2009-01-15

摘要/Abstract

摘要： 负利率的出现是在经济上升时期，通胀率增速超过了名义利率调整而导致实际利率为负的情况，与经济周期密切相关。房地产业属于利率敏感型行业，负利率会导致利率对房地产市场的成本约束失效，刺激房地产市场的扩张。本文研究发现，负利率对于房地产市场需求和价格表现出一定正向扩张效应，而对供给的扩张效应则不显著。

Abstract: Negative interest rate is the result of inflation being higher than the nominal interest rate adjustment and then the real interest rate turns to be negative. It takes close relation to the economic cycle. Negative interest rate could decrease the cost limitation effect and simulate the expansion of real estate market whose feature turns to be interest sensitivity. This research finds that negative interest takes positive effect on the demand side and price of real estate, but not significant on the supply side.

Key words: Negative interest rate, Real Estate Market, Expansion Effect

乔海曙陈志强. 负利率对房地产市场扩张效应研究[J]. 统计研究, 2009, 26(1): 64-70.

Qiao Haishu &Chen Zhiqiang. Research on the Expansion Effect of Negative Interest Rate to Real Estate Market [J]. Statistical Research, 2009, 26(1): 64-70.