| RMB exchange rate and real estate price is a hot issue in China’s economy.RMB exchange rate as an important factor affecting the efficiency of domestic and foreign two market asset allocation, the impact on China’s real estate market will gradually deepen. In 2014, with the change of the economic environment at home and abroad, the RMB exchange rate appeared two-way volatility, remained for many years the trend of appreciation of the RMB exchange rate depreciation occurs,the national real estate prices also appeared in the trend of decline at the same time.With the gradual improvement of China’s financial system, monetary policy transmission channels of the increasingly mature, increasingly close relationship between RMB exchange rate and the real estate market, the correlation study of RMB exchange rate and the real estate market, for monetary policy to regulate and control play a positive role, maintenance the stability of our financial system has important significance.The research on the influence of RMB exchange rate volatility on the real estate price is the key issue of this paper. Firstly, after introducing the theory of exchange rate and real estate price, this paper constructs the theoretical framework of RMB exchange rate, economic growth and real estate price. Again on the correlation between RMB exchange rate, economic growth and real estate prices test, also in view of the characteristics of regional difference of China’s real estate market, of China’s regional economy were re classified, defined as: regional export-oriented, smooth area and intracontinental type area, for export-oriented regions launched a empirical analysis. Construct containing the MS-VAR model of RMB exchange rate, GDP and real estate prices, mainly to explore the fluctuations of RMB exchange rate and export-oriented areas of real estate prices how to through the economic growth effect, policy changes under different regimes corresponding timing analysis. In this context, the study of the impact of RMB exchange rate volatility on real estate prices, thus providing new ideas and new ideas for the country’s macro-control policies. |
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