Empirical estimation for capital flow into stock and real estate markets from monetary and credit accounts
我国信贷资金流人股票市场、房地产市场的实证估计

This paper aims at empirically investigating capital flow into the stock and real estate markets from the monetary and credit accounts in China.A Vector Autoregressive Model is built with variables of total loans,M2,industrial added value,,and CPI,based on economic theory.Empirical results from the model show that there were a large amount of capital flow into the stock and real estate markets in 2007 and 2009,in particular,the capital flow into the stock markets consecutively for several months in 2007 bef...