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首页> 外文期刊>Digital Signal Processing >Are there significant linkages between two series of housing prices, money supply and short-term international capital? - Evidence from China
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Are there significant linkages between two series of housing prices, money supply and short-term international capital? - Evidence from China

机译：两个系列房价之间是否存在重大联系，货币供应和短期国际资本？ - 来自中国的证据

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摘要

This paper studies the relationship between two series of the money supply (M2), short-term international capital flows and housing prices by employing a continuous wavelet method. This method can enable us to examine the relation in both time and frequency domains in detail. We use data from China for empirical analysis. Although the relations are not stable, several main findings are observed. First, M2 affects short-term international capital flows mainly in the long term. The upward momentum of M2 has led foreign investors to be optimistic about China's economy, thus attracting inflows of capital. However, capital flows have little effect on the M2 due to the effectiveness of sterilization. Second, housing prices and M2 move synchronously before 2008. After 2008, housing prices are caused by M2 due to the excessive currency from the government's monetary and fiscal policies. Furthermore, M2 affects housing prices significantly in the long term. Additionally, after eliminating the influence of the M2, we find that a strong relationship exists between short-term international capital flows and housing prices in the short term, which means that this influence is mainly through a direct effect. These findings provide implications for the government to formulate monetary policy and regulate the housing market and capital flows. (C) 2018 Elsevier Inc. All rights reserved.
机译：本文通过采用连续小波法研究两次货币供应（M2），短期国际资本流动和房价之间的关系。该方法可以使我们详细检查两个时间和频率域中的关系。我们使用来自中国的数据进行实证分析。虽然关系不稳定，但观察了几个主要结果。首先，M2主要影响短期国际资本流动。 M2的上行势头已担任外国投资者对中国经济持乐观态度，从而吸引资本流入。然而，由于灭菌的有效性，资本流量对M2几乎没有影响。其次，房价和M2在2008年之前同步行动。2008年后，由于政府货币和财政政策的货币过剩，房价是由M2引起的。此外，M2长期影响房价大幅影响。此外，在消除了M2的影响之后，我们发现短期内的短期国际资本流量和房价之间存在强大的关系，这意味着这种影响主要是通过直接影响。这些调查结果为政府制定了货币政策并规范住房市场和资本流动的影响。 （c）2018年Elsevier Inc.保留所有权利。

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