摘要
现有研究认为,中国大陆的银行信贷对房价的影响存在区域异质性。但作为拥有众多金融机构的大国,信贷业务的发生与否不应存在"地域歧视"。故而这种区域异质性应来源于信贷业务发生的可能性和发生业务本身的交易成本,而这两者又直接受到人力资本和金融集聚水平的影响。使用中国大陆1998—2008年的省级面板数据和面板向量自回归(PanelVAR)模型进行实证研究,结果发现:东部地区金融集聚、人力资本和房价之间存在相互促进的动态联系;中部地区除人力资本冲击能显著提高房价和金融集聚外,其余的互动关系不显著或者为负;西部地区除房价冲击对人力资本和金融集聚的影响显著为负外,其余的互动关系显著为正。
This paper believes there should not be financial discrimination between areas in China which has so many financial industries.The possibility and the transaction cost in the process of making a credit operation are reasons of the heterogeneity of house price fluctuation between areas.Thus,the differences of financial industry agglomeration and human capital between areas should be the direct causes of this heterogeneity.Based on the panel data from 1998 to 2008 of 30 provinces in China,with a panel VAR model,the impulse-response method shows that three variables have positive effects on each other in the east area,in the middle area the shock of human capital has positive effects on other two variables and the other dynamic connections are not prominent or negative,in the west area the shock of house price has negative effects on other two variables and the other dynamic connections are positive.
出处
《财贸研究》
CSSCI
2011年第4期93-101,共9页
Finance and Trade Research
基金
教育部人文社会科学青年基金项目"基本公共服务均等化的福利效果研究"(批准号:10YJC790186)
关键词
金融集聚
人力资本
房价
financial industry agglomeration
human capital
house price
