Research on the Dynamic Relationship Between Financial Leverage and Real Estate Price Fluctuations
The stable development of the real estate sector relies on financial support,and changes in fi-nancial leverage can also influence real estate price fluctuations.This paper theoretically analyzes the impact mechanism between financial leverage and real estate price fluctuations and empirically examines their dynamic correlation using the DCC-GARCH model.The results show that financial leverage and real estate price fluctuations have a bidirectional Granger causality relationship,indicating a significant positive correlation effect between the variables with strong persistence over time.The time-varying characteristics of their dynamic relationship differ greatly under varying financial market liquidity and real estate market vitality,exhibiting distinct changing trends.Furthermore,macroeconomic variables such as GDP growth rate,inflation rate,and social financing scale have varying degrees of impact on the dynamic correlation effect.
financial leveragereal estate price fluctuationsdynamic relationshipDCC-GARCH model
NETL
NSTL
万方数据
