An Empirical Study On The Relationship Between Real Estate Credit And Housing Price In Hainan Province

The economic cycle of the real estate market and the credit market is developing at the same time,and the operation of the two is inseparable and interconnected.Real estate credit mainly consists of real estate development loans and personal housing loans.It provides credit support for the real estate market from the perspective of supply and demand.The difference between the two directly affects the supply and demand of the real estate market and further causes changes in house prices.During 2006-2017,real estate credit and real estate prices in Hainan Province continued to rise.There is a significant correlation between the two,and Hainan's economic development is highly dependent on the real estate industry.Therefore,this paper is devoted to studying the relationship between real estate credit and housing prices in Hainan Province,clarifying the operational mechanism between the two,and regulating the supply and demand of the real estate market from the perspective of controlling credit,so as to achieve the effect of controlling housing prices,for Hainan Province and China and other provinces.It is of great theoretical and practical significance for the city to control housing prices and promote the healthy development of the real estate industry.Based on the existing literature research,this paper first summarizes the current situation of the development of the real estate market in Hainan Province,and analyzes the problems existing in the current real estate market.Secondly,it analyzes the relationship between real estate credit and house price from the perspective of supply and demand,and clarifies the transmission mechanism of mutual influence between the two.Finally,using the quarterly data of Hainan Province from 2006 to 2017 to establish a vector error correction model,and carry out the Granger causality test to clarify the causal relationship between real estate credit changes and house price changes,from Hainan real estate development loans and personal housing loans.The supply and demand perspective explores the interaction between real estate credit and housing prices.The main conclusions of this paper are as follows:First,there is a significant correlation between real estate credit and house prices.Second,the contribution of personal housing loans to housing price changes is greater than the contribution of real estate development loans to housing price changes.Third,the supply and demand of the real estate market is unbalanced,the supply is insufficient,and the demand is too strong.On this basis,combined with the development of Hainan Province,from the perspective of real estate credit,three sugg,estions:regulate the scale and structure of real estate credit;deepen the differential credit policy;adjust the supply and demand of the real estate market.