| The rapid development of the real estate market causes economic growth, also brings negative effects, such as financial risk and the widening gap between rich and poor. Real estate prices continue to rise, causing the government's attention. Monetary policy plays an important role in the regulation of the real estate market, but because of the heterogeneity of regional real estate market, a unified country monetary policy on different urban real estate market adjustment effect may be different. Monetary policy that in order to curb fast rising price in some cities may be effective in some cities but no apparent effect on other cities and may even have the opposite negative effect. So in order to improve the effectiveness of monetary policy, we must sort out the different effects of monetary policy on the real estate market in different cities.In this context, exploring the differential regional effects of city housing markets to monetary policies has important practical significance.However, the present study only explore the reasons that cause differences of prices in regional fluctuations, identify the basic direction of the impact of monetary policy to real estate prices. There is no deep study about the speed and extent of urban real estate prices in the response of the impact of different monetary policy tools.In this paper, on the basis of previous researches,35 cities selected in China as the research object, by analyzing the 1998-2010 monetary policy change on urban housing prices, we inspect the regional effects of monetary policy to urban real estate prices. Based on the needs of the urban real estate, the scale of real estate firm and the level of financial development, we make a preliminary analysis on the existence of the regional effects of monetary policy to house prices. At the same time, there is a simple description of the data recalled the change of the 1998-2010 monetary policy and urban house price. Finally,35 cities were constructed for the VAR model and impulse response function (IRF), an empirical analysis comes to improve the existence of regional effects of monetary policy on the price of housing in different cities. Conclusions of this study include:(1) Monetary policy has obvious regional effect on the real estate market. The speed and depth of the response to the impact of monetary policy on cities in economically developed eastern part are ahead of cities of other parts. (2) The impact of different real estate prices of monetary policy variables in different cities. The duration and cumulative effect of price-based monetary policy impact on housing prices in eastern are stronger than the central and western regions. West real estate price has the most obvious cumulative response of the quantitative-based monetary. Credit is the dominant tool of monetary policy in the real estate of eastern and central regions, while primarily money supply in western. (3) Monetary policy to encourage the development of the real estate market is better than suppression. The conclusions above are used for reference of the government in formulating and implementing policy on regulation of the real estate market. |
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