The Research On The Regulation Effect Of Monetary Policy On Real Estate Market In China

In the 21 st century,with the rapid development of the real estate market in our country,the real estate investment boom has set off across the city,and the house prices have rising significantly.The high housing prices have a significant impact on the national economy and people’s daily life.In order to curb the irrational rise in house prices,the state introduced a number of regulation polices.Monetary authorities have also used a number of monetary polices to regulate the real estate market.Although these polices have shown some promise,the housing prices did not return to a rational level.As in the first-line,second-tier cities,the housing price rise instead of falling,lower-tier cities’ housing price is facing downward pressure.From the angle of study on region,cities are divided into four levels,Then we select the sample cities of first-line,second line and third-line,and research the regulation effect of monetary policy on these cities.Firstly,this paper points out the necessity and theoretical basis of using monetary policy to regulate the real estate market,and reviews the general situation and the course of regulation in the real estate market.From a theoretical point of view,this paper demonstrates that the different regulation effect and reason of monetary policy in different types of urban real estate market;Secondly,it explained the path of monetary policy regulate the real estate price,and analyzed the regulation mechanism of interest rate and credit in different types of urban real estate market;Then,on the basis of theoretical analysis,applying the data of the first quarter of 2004 to the fourth quarter of 2014 of selected cities,According to the indicators of the average price of commercial housing sales,bank credit,the actual one-year lending rates,per capital disposable income of urban residents and CPI to construct panel data model.Use this model to analysis the different effect of monetary policy index on the house price of the first-line,second-line,third-line cities.Specifically,overall the effect of bank credit is greater than interest rate on housing price,and either the bank credit or the interest rate exist obvious difference regulation effect in different types of urban real estate market: The indicator of bank credit plays a bigger role in the second-line cities.With the development of degree’s decreasing,the impact of interest rates on housing prices gradually weakened.Finally,comprehensive theoretical and empirical demonstration result of monetary policy regulate real estate price in different types of city put forward the policy suggestion that combing unified and different regulation.Firstly,the monetary authorities should improve the overall level of the financial markets and broaden the financing channels;Secondly,according to the characteristic of various in types of urban real estate market,putting forward the different regulation policy,improve the regulation effect monetary policy in the real estate market.