A Study On The Regulation And Control Effect Of Monetary Policy On Kunming Residential Commercial Housing Market

Real Estate industry, with its inherent characteristics such as long industry chain, high correlation degree, capital-intensiveness, plays a very important role in the process of rapid economic growth and also imposes significant influences on the financial safety and microeconomic stability of the country. Moreover, the residential real estate market, as the most important component of real estate market, is expected to bear the responsibilities of safeguarding the people’s living. Whether the stability of market order and the People’s “Home Ownership” is guaranteed or not, is directly related to whether the goal of building a moderately prosperous society could be smoothly achieved or not.To achieve the sustained and healthy development of the residential real estate market needs appropriate methods of economic macro-control at right timing. However, when and how to implement the micro-control policies seems to be a common issue which bothers governments of different countries. For a long time, in order to appropriately respond to the fast growth, overheating or sluggish growth of the residential housing market, Chinese government agencies have issued a series of macro-control policies to regulate the market, but most of these policies are executive orders which function by either simply suppressing the buying motives or boldly encouraging buying behaviors. If sight is set on the national residential real estate market as a whole, it is not difficult to find out that the effectiveness of those executive orders imposed on the residential real estate market is not as significant as expected. Sometimes, the objectives and the facts run in opposite directions. Simply using the administrative intervention is not the best way to problem solving in the residential housing market in a long term. This dissertation is an attempt to prove that relying on monetary policy, which is believed to be the leading role player by the author, joining efforts with a raft of measures in different dimensions to tune up the irrational fluctuation and problems of the residential real estate market, to accelerate the pace of market-oriented reform of the residential real estate market, is the best solution to the problems and issues of the residential real estate market.This dissertation uses data analysis method in quantitative research, documentary study method in qualitative research, and economic analysis and modeling to carry out the analysis and elaboration. By analyzing the effectiveness and implication of monetary policies upon residential real estate market, through analysis of national monetary policies implemented since January, 2008 to August, 2015 and processing of statistical data of residential real estate market of Kunming City, the author tries to give advices to policy makers by explaining and elaborating on how to formulate monetary policy and how to give it a full play to appropriately guiding and effectively implementing macro-control to the market, so that a fast-growing, stabilized, healthy and sustainable development of residential real estate market could be reassured.