The Fiscal And Monetary Policy On The Healthy Development Of The Real Estate Market

In recent years, the development of the real estate market in our country has not coordinated smoothly with the development of the society and the economy, which lies in the whole scale, the structural imbalance between supply and demand and the unreasonable price fluctuations. In this case, complying to the aims of healthy development of the real estate market with the development of the economy, stabilizing the price and stabilizing the needs of supply and demand, how to use the fiscal and monetary policies effectively is an important macro-area for research.This paper focuses on the research of the fiscal and monetary policy promoting the healthy development of the real estate market, which includes four parts:The first part illustrates the theoretical and the practice implication of the fiscal and monetary regulation of the real estate. By way of the introduction of the mechanism, the consistency and the diversity of the monetary and fiscal policies, it gives the suggestions on the regulation using the combination of two policies.The second part concludes the experiences and the lessons learned from the regulation of international real estate. Learning from the experience of the housing system of Singapore and the lessons of the Sub-prime crisis in the United States, we get some valuable revelation on the policy regulation of the government in the real estate.The third part analyzes the effectiveness and limitations of the fiscal and monetary policy regulation of the real estate. The fiscal and monetary policy regulates the real estate market effectively and places vital roles on the structure and the whole scale of the real estate. However, we should take notice on the limitations of the policy regulation, by way of analyzing the reasons we could conclude the methods for further improvement.The fourth part gives some recommendations on the improvement of the fiscal and monetary policy regulation. On the basis of the objectives in the healthy development of the real estate, with help of the international experiences, further recommendations are achieved. On the fiscal policy side, we should improve the coverage of the housing fund, replace the economical housing system with the low-rent housing system gradually, improve the low-rent housing system, strengthen the tax adjustment in case of speculation. On the monetary policy side, we should focus on the time-delay of the monetary policy, strengthen the application of the direct credit-control and strengthen the risk warning system. At last, through perfecting the combination regulation policies, strengthening the policies adjustments, exerting the portfolio regulation effect, we will come to the overall purpose of the healthy development of the real estate market.