Linkage Relationship Research Of Resident’s Financial Asset And Real Estate Price

Chinese households’ financial assets and real estate price are related to China’ssocial stability, which are important parts of national livelihood. Besides, the focus ofnational macro-control study of the linkage relationship between these two parts hasstrong practical significance. Therefore, only the linkage relationship research andanalysis of households’financial assets and real estate price be taken well can theformulation of macroeconomic policies suited to the current economic environmentmeasures to control real estate prices at a reasonable level, which can ensure economicsustained and healthy development.This paper analyzes the relationship between the residents’ financial assets andreal estate prices from the theoretical and empirical aspects. At the theoretical level, it’smainly through the respective sets to residents predecessors price movements offinancial assets and real estate wealth effect factors and research results. Based on thecombination of resident financial assets and real estate price trends and regulatorypolicies and changes status, elaborated income in financial assets as important asphysical assets the correlation between real estate. In empirical terms, the paper mainlyfrom the following six aspects of the two from2000to2012quarterly data for research:First, the time series of basic statistics to describe, through an intuitive description setsforth the relationship between the two; Second, the time series unit root tests to find outthe non-stationary series; Third, we carried cointegration tests described residents offinancial assets and real estate prices stable relationship between the long-term; Fourth,through error correction model to make up for short-term adjustment behavior; fivethrough Granger causality tests examine household financial assets and the causalrelationship between real estate prices; six is the impulse response function were testedby an individual household financial assets after the impact of changes in real estateprices and real estate prices were a shock shocks residents extent of financial assets.Through the theoretical and empirical analysis above, the result can be drawnfrom cash on hand, saving deposits, stocks and bonds are positively correlated with thereal estate to a certain extent. In the cause and effect relationship, cash on hand, savingsdeposits and real estate prices between affect relations closer. Based on this concept ofchange, this paper makes suggestions from both macro aicro perspectives.