Recent studies show that there are intimate connections between price fluctuation of real estate and financial fragility. From this perspective, by selecting six index in the two leves of economic face and micro finance measuring the financial fragility of our country, this paper establish the vector auto-regressive model to analysis the relationship between price fluctuation oi real estate ann tmanclal iragm~y. ~ ne empirical results show that： there is the two-way causality between price fluctuation and financial fragility; Specifically, pri...
