货币政策与房地产泡沫-金融学专业论文.docxVIP

浙江大学硕士学位论文 浙江大学硕士学位论文 货币政策与房地产泡沫 摘 要 近几年来，中国房地产市场交易异常活跃，房价节节攀高，引起了决策层和 学术界的高度关注，对房地产价格异常走高的原因也存在不少争论。本文从货币 政策的角度出发，着眼于货币政策关注的几大政策目标及其与房地产价格波动之 间的联系，从经济增长、物价稳定、国际收支平衡三个角度论述了货币政策在房 地产泡沫形成过程中的作用。所要阐述的中心问题是“仅关注传统意义上的政策 目标而实行的不恰当的货币政策是导致房地产价格异常上扬甚至形成泡沫的重 要原因”。在理论研究的基础上，本文主要考察了80年代以来亚洲国家和地区的 泡沫经济与金融危机的经验，尤其以20世纪80年代末日本“平成景气”形成的 地产泡沫及90年代东南亚金融危机中泰国的地产泡沫为重点，进一步研究了我 国房地产价格波动的历史与现状，重点关注自2002年起的房地产过热现象，从 货币政策角度分析其形成的原因，并对现阶段及今后一段时期内的货币政策提出 了思考和建议。 关键词：货币政策政策目标房地产价格泡沫 浙江大学硕士学位论文 浙江大学硕士学位论文 货币政策与房地产泡沫 Abstract In recent years，the real estate ofChina has been very active,the property prices have kept rising,and caused much aUentinn from the decision-makers and acedemks．There ale also a lot of arguments the autses for the abnormally higll real estate prices．From the perspective of moneUlry poUcy,this paper focuses on the major policy objectives ofmonetary policy and the link with fluctuations of real estate prices．It exposes the role of monetary poIicy in the formation process ofthe real c吼ate bubbIc from three aspects ofeconomic growth,stable prices and balance of payments．The central issue isthe monetary policy which colw：elns only with the traditional objectives will probably led to the abnormal rise even bubble in the real estate prices”．On the basis oftheoretical studies,this paper mainly impects the experience ofbubble economy and the financial crisis which happened in sonle Asian countries since 1980s,especially the real estate bubble in JapansPing Cheng boomin the late 1980s and in Thailand in Asian financial cfisis． Furthermore,we research the history and current situation ofChinas real estate price fluctuations， especially the real estate bubble since 2002．In the end，we analysis the reasons of bubble from monetary policy,and put forward some thinking and recommendations in ordefto‘strengthen the effect ofthe monetary policy． Keywords：monetary policy；policy objective；real estate prices；bubble 浙江大学硕士学位论文 浙江大学硕士学位论文