金融自由化和住房價格對貨幣政策的敏感性-理論和實踐（pdf 23）

Abstract
This paper analyses the impact that a process of financial liberalisation can have on the link between
monetary policy and house prices. In the first part of the paper we present a simple theoretical model of a
small open economy subject to credit constraints. The model shows that the higher is the degree of
financial liberalisation of the economy, the stronger is the impact of monetary policy shocks on house
prices. In the second part of the paper we use a VAR approach to study the role of monetary policy in
house price fluctuations in three European countries (Finland, Sweden and UK) characterised by major
episodes of financial liberalisation over the last twenty years. Our findings are in general consistent with
the idea that the response of house prices to monetary shocks is bigger and more persistent in periods
characterised by more liberalised financial markets.
Keywords: House prices, monetary policy, financial liberalisation.
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