| It has been more than ten years from 1998 when the real estate market reforms to the present and the real estate market has become China’s national economy pillar industry.However,the high prices have been seriously affected people’s lives.The government has introduced a series of monetary policy to control the excessive growth of house prices.As the real estate market is a typical regional market,the development between the various regions is extremely uncoordinated,so it is necessary to consider the monetary policy on the real estate market regional differences.Therefore,this paper chooses to consider the commercial housing market,study the regional relationship between monetary policy and commercial housing market.This paper chooses the research ideas and frameworks by collecting the research literature of domestic and foreign scholars.Based on the theoretical analysis,this paper analyzes the development process of China’s real estate market,and uses SPSS software to cluster 35 large and medium cities in China.Collect the data from 2005 to 2015 and use EVIEWS software to build the panel model for empirical analysis.The results show that:(1)The quantitative monetary policy tools have positive effects on the prices of commercial housing in various cities,and the price-based monetary policy tools have only significant effect on the second and third class cities.(2)The quantitative monetary policy tools have the greatest impact for the first class of urban housing prices.(3)The effect of the real estate loan balance on the first class of urban commercial housing prices is greater than the money supply,and the second and third categories of the city is the opposite.Finally,put forward some policy suggestions on the results of the empirical analysis.The government should implement the monetary policy,and carry out the implementation of the key monetary policy tools with emphasis.At the same time,the government should cooperate with other real estate policies. |
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