【摘要】 历史经验表明,汇率改革往往会导致实物资产尤其是房地产价格的大幅上扬。我国自汇率改革以来,除了短暂的价格回落以外,房地产价格上涨迅速,并达到了历史高点。此外,政策因素也在一定程度上影响了房地产价格走势,我国房地产市场的"政策市"特征尤为明显。实证分析结果显示,我国房地产价格和汇率波动、政策因素之间存在较为密切的联系,汇率升值预期的存在对房地产价格起到了推动作用,基于保持房地产价格稳定的目的,人民币汇率制度改革和相关政策的出台必须尤应谨慎。更多还原

【Abstract】 The historic experience shows that the exchange rate reform will often cause the real asset particularly real estate price large rising.Since the exchange rate reform,the price of real estate has risen rapidly and achieved the historical high spot.Meanwhile,real estate price trends were influenced by policy factors,the features of "policy market" in Real estate market is particularly evident.China’s real estate prices and exchange rate fluctuations,the policy factors are closely linked.The presence of exchange rate appreciation is expected to play a role in promoting real estate prices.The reform of RMB exchange rate system and the introduction of relevant policies should be cautious更多还原