摘要
关于房地产市场与股票市场的互动关系存在多种解释,简单地根据某一种理论无法概括房地产市场与股票市场关系的复杂表现。我们发现,这些看似矛盾的理论可以在机会成本原理的基础上得到统一解释。这两个市场的共同增长是一种长期的和基本的特性,而二者此消彼长的关系则具有短期性和偶然性。基于中国房地产市场和股票市场数据的格兰杰因果关系检验支持我们的观点,即关于房地产市场与股票市场关系的几种主流理论是相容的。
There are many explanation theories about the relation between house market and stock market. However, any one of them cannot generally explain the complex and diverse performance of the two markets. The apparent contradictions between these theories can be generally solved based on the principles of opportunity cost. In general and in the long run, house market and stock market grow commonly and will show a positive relation. In the short run and occasionally, the two markets might move in the opposite direction and will show a negative relation.Empirical testing based on Chinese data supports these explanation. this means the popular theories concerning the relation between house market and stock market are consistent.
出处
《特区经济》
2016年第5期58-63,共6页
Special Zone Economy
基金
广东省哲学社会科学"十二五"规划项目(项目编号GD12CLJ01)
关键词
房地产市场
股票市场
机会成本原理
一致性
Housing market
stock market
principle of opportunity cost
theoretical unification
