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

摘要： 在内生货币体系下,房价上涨导致我国内生货币扩张的途径主要有两条:一是基于房地产抵押信贷需求膨胀引致的商业银行内生货币供给的扩张;二是被房价持续上涨及人民币升值预期所吸引的外汇流入导致央行大量基础货币的被动投放。这样会对货币供应量目标有效性带来影响。因此应将房地产市场监测数据列入当前货币供应量调控的参照指标。

关键词: 房地产价格, 货币供求, 内生货币