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Dynamic Impact of Interest Rate Policy on Real Estate Market | Zhang | Asian Social Science

Dynamic Impact of Interest Rate Policy on Real Estate Market

Jianghong Zhang, Wenkuan Chen

Abstract


The purpose of this paper is to analyze the dynamic impact of Interest Rate Policy on the Real Estate Market. In this paper we constructed a vector autoregression (VAR) model using five indicators and analyzed the response of the real estate market to the impulse of interest rate policy based on the monthly data from January 2003 to September 2010 in China. The results show that the Central Bank Reserve Ratio has a negative impact on the real estate market from a long-term perspective; and the lags of interest rate policy effect is longer, while action period is shorter from a short-term perspective. So we consider that the Interest Rate Policy does not play a significant role in the regulation of real estate market in this paper.


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Asian Social Science   ISSN 1911-2017 (Print)   ISSN 1911-2025 (Online)

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