Abstract
This dissertation mainly studies the effects of interest rate on the real estate investment and if there are two mediators-credit loan and stock market through the establishment of VAR (Aector autoregression) ground on the theory of interest rate transmission to real estate market in China. The demonstration is interest rate's impact on the investment of real estate. The result shows that interst rate can't affect the investment of real estate directly, instead, mainly through two mediators and they are different in importance, the impact of construction loans is greater. On the basis of result, we gives policy recommondations. Controlling the housing market policies such as strengthening the “window guidance”, establishing and improving early warning and real estate market statistics index system, differential treatment of speculative demand in consumer demand and investment, emphasizing on policy coherence, controlling the size and structure of housing loans, exchange rate policy, other monetary policy, banks' carrying out financial innovations and establishing and improving housing security system are especially important.
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