Research On China’s Monetary Policy Of Housing Market

Since the reform of the housing system in1998, the real estate market has been a pillarindustry of the national economy. In market economy, the real estate as a special commoditygovernment regulation is necessary. We have been exploring how to make the regulation to bemore effective. As a capital-intensive industry, the real estate is sensitive to monetary policy.Monetary policy becomes an important tool for the regulation of the real estate market.Nevertheless, the real estate market prices rose so fast, which affected the sustainabledevelopment of the real estate market. The economic of China get into new normal time, thereal estate industry started to set down. The country developed a number of policies to guidethe real estate market. However, how much the effect of monetary policy，what factorsinfluence the effect of policy control, how to make monetary policy more effective regulationare the main purposes of this study.This paper reviewed the real estate market from1998to2014and made quantitativeanalysis about the impact to real estate prices. Previously, efforts of controlling policies arenot obvious, especially in recent years. So this article analyzes the causes from many aspectsthat may affect the financial control policies, and made several recommendations for thefuture formulate policies.Thesis is divided into three parts:The first part is the first chapter, describing the background and significance of theresearch. I summed the real estate market financial regulation policies, while this paperdescribes the research methods in the research process.The second part is the main body of the article, mainly about the content of theregulation of financial policies related to the real estate market over these years. It consists ofthree sections.The second chapter is the theoretical basis of this study, mainly about the performance ofthe real estate market and the use of financial policies to control real estate market. Theanalysis provides a point for research and theoretical basis.The third chapter is the policy of our country over the years. This chapter reviews the major financial policies associated with the real estate market since the1998to2015.Fromthe volume and transaction price, I talk about the use of monetary policy to the real estatemarket.The fourth chapter is about empirical analysis of the real estate market. I selectedfinancial regulation in the monetary policy and selected price index as quantitative indicators,establishing vector error correction model.The last part of the article is the fifth chapter. It is mainly about the factors that affectChina’s real estate financial regulation. I analyses the effect of financial regulation from theperspective of Delay control policies, market expectations, behavior-related subjects.Then Isuggest some advices to improve financial regulation for the future.