A Study Of Real Estate Price Fluctuations On Impact Of Financial Instability In Xi’an

Our country is going to economic transition period at present.In just finished two sessions, the government proposed “go capacity, inventory, cost reduction and defuse financial risks, expand the effective supply” of the five major tasks, visible property to inventory and defuse financial risks of financial system is urgent.Therefore, explore the real estate price fluctuations on the impact of financial instability, the effective regulation and control real estate price fluctuations, weakening financial instability and defuse financial risks.In this paper, from the micro perspective, in order to xi ’an as the research object,select the relevant time data for 2006-2015 as sample, in theory analysis, the present situation on the basis of analysis and empirical analysis, constructs the comprehensive index system of xi "an financial instability, factor analysis method is used to determine the weights of impact factor, calculate the xi ’an composite index in 2006-2015 financial instability NFS, and through the revised FAVAR model, the empirical analysis of xi ’an real estate price fluctuations on the impact of financial instability.Through the theoretical research and empirical research, and draws the following conclusion:(1) From the mechanism of action, the real estate price fluctuations mainly by influencing the macro economy, the financial sector, financial markets and the borrowing entity enterprise to directly or indirectly caused the instability of the financial system.(2) Through the comprehensive evaluation index system, build financial instability and composite index calculation and analysis of xi ’an financial instability NFS.At the same time through empirical found xi ’an house price fluctuations to NFS in the aspectof mean and volatility spillover effects exist.Xi ’an real estate prices fluctuate asymmetric effects on financial instability.(3) Based on the above analysis, this paper to speed up the city of xi ’an real estate market inventory, broaden the financing channels of small and medium-sized real estate enterprises, strengthening the real estate financial service innovation, strengthening macro-prudential regulation, increase the Angle of investment channels for residents put forward policy Suggestions.