| Real estate has been developing rapidly since the real estate reforms were carried out in China in 1998. Now it has been one of the dominant industries which can drive the economy of China to go up. But, meanwhile, some serious housing problems that there are as too much investment in real estate and house price is too high for people, have taken place in partial places in China. In recent years, China has put some monetary policies in practice to solve these problems. But relevant researches are limited, especially about the relationship between monetary policy and house price.This thesis introduced the rule about how monetary policies impact house price from basic knowledge and economic situation at first. Then at the basis of large number of data of China and different provinces, the author lucubrated the long-term balanced relation between monetary polices and house price through co-integration theory, providing academic proof for the feasibility that China carry out monetary to affect house price. Subsequently, the author analyzed the regional difference and found the house price in some region in china has gone too high beyond people's purchasing power, proving the reality that it is the time for our government to take countrywide and regional measures to avoid this phenomenon. Finally, this thesis offered some reasonable suggestion about monetary policies.The primary innovations of this thesis are as follows: as a result of the highly correlation between money supply in real estate and money supply of China, the author put money supply which flowed into real estate into the empirical research instead of M2 index. This method can solve the problem that reification of monetary policies in different parts in China is most difficult. Furthermore, the first use of panel data model in the analysis of difference, which exists in the influence that monetary policies exerts on house price in different districts, is of practical sense. |
PDF Full Text Request