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China's Money Supply, Real Estate Mortgage Loans and Real Estate Equilibrium Price

机译：中国的货币供应，房地产抵押贷款和房地产均衡价格

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For the existing theoretical model of real estate prices, namely mortgage loan model of two assets, make two improvements: First, transform the micro-models of the predecessors into a macro-model; second, introduce the money supply into the model and focus on studying influence of monetary policies to real estate prices. According to the new theoretical model, study empirically the relation between China's real estate prices and money supply, the real estate mortgage loans, and interest rate of real estate mortgage loan from January 2000 to October 2009 and conclude that the most important factors of impact on China's real estate prices are the real estate mortgage loans and money supply. But real estate mortgage loan interest rates are less important. Then, about the direction of impact, there are a strong positive correlation between the real estate prices and the real estate mortgage loan and the real estate mortgage loan interest rates is clear anti-correlation. Therefore, the money supply policy adjustment is effective force to curb soaring real estate prices.
机译：对于现有的房地产价格理论模型，即两种资产的抵押贷款模型，进行了两个改进：第一，将前辈的微观模型转变为宏观模型;第二，将微观模型转变为宏观模型。其次，将货币供应量引入模型，并着重研究货币政策对房地产价格的影响。根据新的理论模型，对2000年1月至2009年10月中国房地产价格与货币供应量，房地产抵押贷款和房地产抵押贷款利率之间的关系进行了实证研究，得出影响房地产价格的最重要因素。中国的房地产价格是房地产抵押贷款和货币供应量。但是房地产抵押贷款利率并不重要。然后，关于影响的方向，房地产价格与房地产抵押贷款之间存在很强的正相关关系，而房地产抵押贷款利率显然是反相关的。因此，货币供应政策的调整是遏制房地产价格飞涨的有效力量。

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