Research On The Impact Of Monetary Policy On Real Estate Markets In Different Regions Of China

In China,the real estate industry is an economic pillar industry and plays a very important role in China's economic development.In addition to seriously affecting the overall economic level of China,the development status of the real estate industry is closely related to the social and livelihood of our country.The Chinese government has proposed that the Chinese economy enters a new normal.Under this overall environment,how to use real estate to promote economic development,and will not cause housing prices to rise too fast,this is a problem that China needs to think deeply.From the previous situation in China,under the unified macro-control,there are obvious differences in the development status of the real estate market in various regions.In response to such a situation,this paper will specifically study the changes in the real estate market in each region under the control of monetary policy from the regional level,and specifically explain the similarities and differences of monetary policy in various regions.In this study,this paper is based on the monthly data of the real estate market and money supply and interest rates in China's 30 provinces from January 2005 to December 2017,and these provinces have been east and west according to economic level.The division of the three regions,in the way of constructing the PVAR model,combined with the impulse response function and other analysis methods,has carried out a comprehensive study on how the money supply,interest rates and exchange rates will affect the real situation of the real estate market in each region.The research in this paper finds that China's monetary policy has great differences in regulating the real estate market in various regions,and different monetary policy tools have different effects on the real estate market in various regions.Specifically,the money supply has a strong positive impact on the supply,demand and housing prices of the real estate market in each region,and the real estate market in the eastern region is more susceptible to the supply of money;the supply and demand of interest rates on the real estate market It has a restraining effect,but the effect is weak.The impact of credit on the real estate market in China has a large regional difference.Credit has a weak positive impact on the supply of the real estate market in the three regions.The eastern region and the western region have Real estate demand is positively affected by personal loans,while real estate development loans have a negative impact on real estate demand in the central region.In terms of housing prices,personal loans are more negative,and real estate development loans are positive.According to the results of empirical analysis,it can be found that at present,in the process of adjusting the real estate market in China,the effects of quantitative tools are generally better than price-based tools.However,this does not mean that a one-size-fits-all approach to governance should be implemented.It should be decided according to the actual situation.The economic background is different,and the control tools used should also be changed,so as to promote the healthy development of the real estate market.In addition,in order to reduce the pressure on effective investment channels in the real estate market,it is necessary to increase the development of other financial markets.