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导言:2008年,由美国次贷危机进一步引发的全球经济危机,使得世界各方重新考虑货币政策、房地产市场以及实体经济之间的关系。在我国,房地产市场和货币政策同样存在相互作用,自1998年的房改以来,我国房地产市场获得了迅猛发展。1998年,全国完成房地产开发投资额为3614亿元,到2009年,全国完成房地产开发投资达到36232亿元,大约是1998年的10倍,占GDP的比重从1998年的4.28%上升到2009年的10.8%。针对投资势头过猛,房地产价格持续上升的现象,中国人民银行开始提高利率,压缩投资和需求,虽然在提高贷款利率的同时,也提高了个人住房的贷款利率,但仍难抑制房价的快速上涨。
Introduction: In 2008, the global economic crisis further triggered by the U.S. subprime mortgage crisis caused all parties in the world to reconsider the relationship between monetary policy, the real estate market and the real economy. In our country, the real estate market and the monetary policy also have the same interaction. Since the housing reform in 1998, the real estate market in our country has been developing rapidly. In 1998, the total amount of investment in real estate development in the country was 361.4 billion yuan. By 2009, the investment in completing real estate development nationwide reached 3.6232 trillion yuan, about 10 times that of 1998 and the proportion of GDP rose from 4.28% in 1998 to 2009 Of the 10.8%. In view of the phenomenon of excessive investment and rising real estate prices, the People’s Bank of China started to raise interest rates and reduce investment and demand. Although the interest rate of lending was raised and the lending rate of individual housing was raised, it was still hard to restrain the rapid rise of house prices .