中文摘要：

本文首次研究了实际有效汇率对于房价的影响。首先，本文构建了一个理论模型，提出了实际有效汇率影响房价的可能途径，并据此提出两个待检验的研究假说。其次，利用45个国家的面板数据，本文发现实际有效汇率的上升会导致房价上升，且这一影响不依赖于该国的资本开放程度。最后，基于中国的数据和VAR模型的Granger因果检验方法，本文验证了实际有效汇率的上升导致热钱流入，从而使得房价上涨的机制。研究表明，实际有效汇率上升能解释2005～2014年间中国房价上涨的13—25％。研究结果对于我国政府制定房地产调控政策以及金融自由化改革有着十分重要的意义。

英文摘要：

This paper examines the influence of real effective exchange rate （REER） on house price. Based on the theoretical model, we illustrate the potential channel that REER affects house price, and propose two hypothesis. Using data from 45 countries, we verify that rising REER does increase house price, while the financial openness doesn＇t affect the impact of REER on house price. Using China＇s national - level data, we employ Granger causality test based on a VAR model to verify the potential mechanism that REER influences house price. We find that the increase in REER can Granger cause the inflow of hot - money, which promotes the rise of house price. Our results indicate that the increase of the REER of RMB can account for about 13 -25% of the rise of house price in China from 2005 to 2014.