中文摘要：

利用两部门动态供求价格决定模型,分析房价与金融支持的相互作用机理,并选用1999年1季度至2013年2季度的数据,基于VAR模型,利用脉冲响应函数和方差分解等方法进行实证研究后发现：房价波动与金融支持之间存在着协整关系,金融支持是房价波动的长期Granger原因;短期内,房价波动与金融支持存在相互的正向影响,金融支持对房价上涨具有明显的推力作用,房价上涨又能引起金融支持扩张;长期看,金融支持的扩张会导致房价持续性下跌.

英文摘要：

Using a dynamic two sector supply and demand price decision model to analyze the interaction mechanism of housing and financial support, and selecting data from the first quarter of 1999 to the second quarter of 2013, this paper uses impulse response and variance decomposition of VAR model to do an empirical analysis, and the resuhs show that there is a long - term stable equilibrium relationship between house prices and financial support, and financial support is price fluctua- tions＇ long - term Granger cause; in the short term, there are positive effects between price fluctuations and financial support, and financial support has a promoting effect on prices, and prices rising can also cause the expansion of finan- cial support; in the long term, financial support expansion will lead to house prices continued to fall, while the fluctua- tions of prices almost has no influence on the financial support.