关键词: 房地产价格, 货币供求, 内生货币

Abstract: Under endogenous monetary system,there exist two ways of endogenous money expansion resulted from real estate price fluctuation.One is the increment of credit demand based on real estate mortgage leading to commercial banks increasing endogenous money supply.The other is inflow of foreign currency attracted by the continuous rise of house prices and expectation of RMB appreciation resulting in central bank passive releasing a large amount of base money.Such can influence the validity of monetary intermediate target.So the monitoring data of real estate market should be ranked the reference indicators currently.

Key words: real estate price, money supply and demand, endogenous money